Module 3: Budgeting EVERFI

Which choice or choices best describes the purpose of an emergency fund?

All of the above are good reasons to have an emergency fund.

What budgeting tip(s) would help you stay on track financially?

All of the above.

Which of the following is a benefit of using a budget?

All of the above.

Where should you look to find your current expenses when building your budget?

Bank and credit statements.

Which of the following statements is TRUE?

Recurring expenses are expenses that occur every month.

Which of the following is NOT a benefit of using a budget?

A budget can help you purchase anything you want.

When setting a budget, you can choose to make room for:

All of the above.

What is NOT a good way to prevent unnecessary spending?

Buy all of your wants at one time.

An unanticipated expense that will make it difficult to get by day-to-day would be a candidate for...

Emergency funding spending.

When setting a budget, you should consider...

Financial goals, current expenses, and income.

Which of the following should NOT be considered when setting a current budget?

Future income.

An emergency fund should NOT be used for...

Going to the movies.

Which of the following is NOT a good way to track your spending?

In your head.

What should be considered when setting a budget?

Needs, wants, and savings.

In addition to needs, what should you plan for first when creating a budget?

Recurring expenses.

Which of the following expenses would be a good reason to spend money from and emergency fund?

Repair your laptop that you use for homework.

How can you ensure you don't go over your budget?

Round up your expense estimates to add a buffer.

What is NOT true about unexpected expenses?

They do not occur if you have a budget.

Which of the following is TRUE regarding unexpected expenses?

They should be planned for.

The envelope method, notebook and pencil, and online software are all methods of ___

tracking your spending.