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

Repair your laptop that you use for homework.

What is NOT a good way to prevent unnecessary spending?

But all of your wants at one time

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

Find a friend with similar goals and hold each other to it

What is NOT true about unexpected expenses?

THey do not occur if you have a budget

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

Round up your expense estimates to add a buffer

Which of the following is NOT true about emergency funds?

They are used for anything listed on the budget

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EVERFI - Budgeting

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Questions 18

Answers

1
Unexpected expenses ......
may cause you to be unable to pay necessary bills
Should be planned for
All of the above
can make it hard to stick to your budget
2
Which of the following should NOT be considered when setting a current budget?
Future income
Savings
Needs and wants
Your financial goals
3
This helps you prepare for unexpected expenses.
None of the above
Credit cards
Checking account
Emergency Fund
4
The envelope method, notebook and pencil, and online software are all methods of _______ .
planning for your future
tracking your spending
understanding your current expenses
estimating your unexpected expenses
5
Which of the following expenses would be a good reason to spend money from an emergency fund?
Upgrade your phone to the latest model.
Repair your laptop that you use for homework.
Purchase concert tickets to see your favorite artist.
Buy new track shoes because they're in style
6
Which of the following is NOT a good way to track your spending?
Notebook and pencil
Online software or app
Envelope Method
In your head
7
Which of the following is a benefit of using budget?
Helps to prioritize your spending
All of the above
Helps to keep track of the money you recieve.
Helps reach short- and long-term financial goals
8
Bank statements, credit statements, and records of cash expenses help you to estimate your ________.
credit score
emergency fund needs
expenses
available nvestments
9
What is NOT a good way to prevent unnecessary spending?
Use an app to find the cheapest gas station
But all of your wants at one time
Make your own food instead of eating out
Cancel any unused recuring expenses like subsricptions
10
What budgeting tip(s) would help you to stay on track financially?
Only use your closest gas station to fill up gas
Find a friend with similar goals and hold each other to it
Put aside fun money in your budget so you're not missing out
All of the above
11
Where should you look to find your current expenses when building your budget?
Bank and credit statements
Ask your parents
Online research website
Grocery stores and concerts
12
Which of the following statements is TRUE?
Recurring expenses should be planned for after looking at your wants
None of the above
Recurring expenses are expenses that can never be stopped
Recurring expenses don't need to be planned for because they rarely happen
13
What is NOT true about unexpected expenses?
They could impact your budget in a negative way
THey do not occur if you have a budget
They should be planned for so that you can keep within your budget.
They could interfere with your ability to pay your bills
14
When setting a budget, you can choose to make room for:
Entertainment expenses
All of the above
Charitable donations
Financial goals
15
What should be considered when setting a budget?
Time management goals
Needs and wants
Savings
Needs, wants and savings
16
How can you ensure you don't over your budget?
Buy all of your wants at one time
Round up your expense estimates to add a buffer
Use most of you budget for entertainment expenses
Find a friend that enjoys going shopping
17
In addition to needs, what should you plan for first when creating a budget?
Recurring expenses
Shopping money
Possible charitable donations
Investments
18
Which of the following is NOT true about emergency funds?
They are used for anything listed on the budget
They can keep you from borrowing money form friends and family
They help remove the worry about expenses not in the budget.
They help you prepare for unexpected expenses

EVERFI - Budgeting Flashcards | StudBud