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Questions and Answers
Which financial statement looks at the past?
Which financial statement looks at the past?
- Budget
- Income and Expense Statement (correct)
- Spending Plan
- Net Worth Statement
What is the purpose of budgeting?
What is the purpose of budgeting?
- To focus your money on things that are not important to you
- To spend more than you earn
- To balance your expenses with your income (correct)
- To increase your debt
Who should budget?
Who should budget?
- All income levels (correct)
- Only households with income over $100,000
- Only households with income less than $50,000
- Only households with income over $150,000
Which step of building a budget involves identifying your needs and wants?
Which step of building a budget involves identifying your needs and wants?
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Which method can be used to track expenses in a budget?
Which method can be used to track expenses in a budget?
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What should you do if you run out of money in a specific expense category?
What should you do if you run out of money in a specific expense category?
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Why is it important to monitor, review, and re-evaluate your budget?
Why is it important to monitor, review, and re-evaluate your budget?
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