An Unanticipated Expense That Will Make It Difficult

Question: Which of the following is a benefit of using a budget?a. Helps to keep track of the money you receiveb. Helps to prioritize your spendingc. Helps reach short- and long-term financial goalsd. All of the above

Answer: d

Question: Which of the following is NOT a benefit of using a budget?a. a budget can help you purchase anything you want.b. a budget can help you keep track of your money.c. a budget can help you make plans to reach your financial goal.d. a budget can help you decide the importance of your expenses.

Answer: a

Question: 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.

Answer: d

Question: Which of the following should NOT be considered when setting a current budget?a. your financial goalsb. future incomec. needs and wantsd. savings

Answer: b

Question: Which of the following should you consider when setting a budget?a. your financial goalsb. needs and wantsc. savingsd. all the above

Answer: d

Question: What should be considered when setting a budget?a. needs and wants b. savingsc. time management goalsd. needs, wants, and savings

Answer: d

Question: ______________ are good places to look to find your current expenses when building your budget.a. banks and credit unionsb. grocery stores and concertsc. banks and credit statementsd. online research websites

Answer: c

Question: Where should you look to find our current expenses when building your budget?a. ask your parentsb. your walletc. bank and credit statementsd. your bank representative

Answer: c

Question: Bank statements, credit statements, and records of cash expenses help you to estimate your __________________.a. credit scoreb. emergency fund needsc. expensesd. available investments

Answer: c

Question: In addition to needs, what should you plan for first when creating a budget?a. possible charitable donationsb. shopping moneyc. investmentsd. recurring expenses

Answer: d

Question: In your budgeting process, when should you look at recurring expenses?a. before reviewing your wantsb. after considering entertainment expensesc. before looking at your needsd. after your wants but before your needs

Answer: a

Question: 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.

Answer: d

Question: Which of the following is a way to track your spending?a. spreadsheet budgetb. envelope methodc. an appd. all of the above

Answer: d

Question: The envelope method, notebook and pencil, and online software are all methods of _______________.a. planning for you futureb. understanding your current expensesc. estimating your unexpected expensesd. tracking your spending

Answer: d

Question: Which of the following is NOT a good way to track your spending?a. in your headb. notebook and pencilc. envelope methodd. online software or app

Answer: a

Question: Which choice or choices best describes the purpose of an emergency fund?a. an emergency fund prepares you for unexpected expensesb. an emergency fund keeps you from borrowing money from friends and familyc. 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.

Answer: d

Question: Which of the following is NOT true about emergency funds?a. they are used for anything listed on the budget.b. they can keep you from borrowing money from friends and family.c. they can help you prepare for unexpected expenses.d. they can help remove the worry about expenses not n the budget.

Answer: a

Question: This helps you prepare for unexpected expenses.a. credit cardsb. checking accountc. emergency fundd. none of the above

Answer: c

Question: When setting a budget, you can choose to make room for:a. financial goalsb. entertainment expensesc. charitable donationsd. all of the above

Answer: d

Question: Charitable donations, entertainment expenses, and financial goals are all examples of ...a. activities that contribute to overspendb. things that are considered needs.c. activities that are necessary for healthy lifestyle.d. things to consider when creating a budget.

Answer: d

Question: When setting a budget, you should consider...a. financial goals, current expenses, and income.b. mostly incomec. creative ways to spend your moneyd. mostly your goals

Answer: a

Question: Unexpected expenses...a. can make it hard to stick to your budget.b. may cause you to be unable to pay necessary bills.c. should be planned for.d. all of the above.

Answer: d

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

Answer: b

Question: What is NOT true about unexpected expenses?a. They do not occur if you have a budgetb. they could impact your budget in a negative wayc. they could interfere with your ability to pay your billsd. they should be planned for so that you can keep within your budget

Answer: a

Question: 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 homeworkb. upgrade your phone to the latest modelc. buy new track shoes because they are in styled. purchase concert tickets to see your favorite artist

Answer: a

Question: An emergency fund should NOT be used for...a. fixing, a blown tire on your car that you use to get to workb. repairing your laptop that you use for school workc. a last-minute school tripd. a sudden health issue that need care.

Answer: c

Question: 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 envelopeb. emergency fund spendingc. tracking all of the money you spent in a monthd.getting an extra job so you can have money to cover that expense.

Answer: b

Question: What is NOT a good way to prevent unnecessary spending?a. cancel any unused recurring expenses like subscription boxesb. use an app to find the cheapest gas stationc. make your own food more oftend. buy all of your wants at one time.

Answer: d

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

Answer: a

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

Answer: a

Question: An unanticipated expense that will make it difficult to get by day to day would be

Answer: Emergency fund spending