Budgeting Quiz
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Budgeting Quiz

Created by
@BlitheRubellite

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Questions and Answers

Which financial statement looks at the past?

  • Budget
  • Income and Expense Statement (correct)
  • Spending Plan
  • Net Worth Statement

    • 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?

  • 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?

    <p>Step 3: Identify Needs and Wants</p> Signup and view all the answers

    Which method can be used to track expenses in a budget?

    <p>All of the above</p> Signup and view all the answers

    What should you do if you run out of money in a specific expense category?

    <p>Stop spending on that item/service</p> Signup and view all the answers

    Why is it important to monitor, review, and re-evaluate your budget?

    <p>To make adjustments to next month's budget</p> Signup and view all the answers

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