EverFi Budgeting Review

In your budgeting process, when should you look at recurring expenses? a. before reviewing your wants b. after considering entertainment expenses c. before looking at your needs d. after your wants but before your needs

a

Which of the following is NOT a good way to track your spending? a. in your head b. notebook and pencil c. envelope method d. online software or app

a

How can you ensure you don't go over your budget? a. round up your expense estimates to add a buffer b. use most of your budget for entertainment expenses c. find a friend that enjoys going shopping. d. buy all of your wants at one time.

a

This helps you prepare for unexpected expenses. a. credit cards b. checking account c. emergency fund d. none of the above

c

Where should you look to find our current expenses when building your budget? a. ask your parents b. your wallet c. bank and credit statements d. your bank representative

c

In addition to needs, what should you plan for first when creating a budget? a. possible charitable donations b. shopping money c. investments d. recurring expenses

d

When setting a budget, you can choose to make room for: a. financial goals b. entertainment expenses c. charitable donations d. all of the above

d

Which choice or choices best describes the purpose of an emergency fund? a. an emergency fund prepares you for unexpected expenses b. an emergency fund keeps you from borrowing money from friends and family c. an emergency fund removes the worry about expenses not in the budget. d. All of the above are good reasons to have an emergency fund.

d

Which of the following is a benefit of using a budget? a. Helps to keep track of the money you receive b. Helps to prioritize your spending c. Helps reach short- and long-term financial goals d. All of the above

d

Which of the following is a way to track your spending? a. spreadsheet budget b. envelope method c. an app d. all of the above

d

Which of the following should you consider when setting a budget? a. your financial goals b. needs and wants c. savings d. all the above

d

Which of the following statements is TRUE? a. recurring expenses don't need to be planned for because they rarely happen. b. recurring expenses are expenses that can never be stopped. c. recurring expenses should be planned for after looking at your wants. d. none of the above.

d

Why is using a budget beneficial? a. helps to keep track of the money you receive. b. helps to prioritize your spending. c. helps reach short- and long-term financial goals. d. All of the above.

d

An unanticipated expense that will make it difficult to get by day-to-day would be a candidate for... a. spending money from your rent envelope b. emergency fund spending c. tracking all of the money you spent in a month d.getting an extra job so you can have money to cover that expense.

b

Which of the following is TRUE regarding unexpected expenses? a. they usually don't affect your budget b. they should be planned for c. they usually don't affect your ability to pay bills. d. they should not be included in your budget.

b

What budgeting tip(s) would help you stay on track financially? a. find a friend with similar goals and holds each other accountable b. put aside fun money in your budget so you're not missing out c. only use your closest gas station to fill up gas d. all of the above

a

Which of the following expenses would be a good reason to spend money from an emergency fund? a. repair your laptop that you use for homework b. upgrade your phone to the latest model c. buy new track shoes because they are in style d. purchase concert tickets to see your favorite artist

a