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

A budget can help you purchase anything you want.

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

Round up your expense estimates to add a buffer

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.

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Everfi Lesson 3 Budgeting

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Answers

1
Which of the following is NOT a benefit of using a budget?
A budget can help you purchase anything you want.
A budget can help you decide the importance of your expenses.
A budget can help you make plans to reach your financial goals.
A budget can help you keep track of your money.
2
Which of the following is NOT a good way to track your spending?
Envelope method
In your head
Notebook and pencil
Online software or app
3
What should be considered when setting a budget?
Needs, wants, and savings
Time management goals
Needs and wants
Savings
4
This helps you prepare for unexpected expenses.
Checking account
None of the above
Credit cards
Emergency fund
5
Which of the following is a way to track your spending?
An app
Spreadsheet budget
All of the above
Envelope method
6
An emergency fund should NOT be used for…
a last-minute school trip.
a sudden health issue that needs care.
repairing your laptop that you use for homework.
fixing a blown tire on your car that you use to get to work.
7
Bank statements, credit statements, and records of cash expenses help you to estimate your ________.
expenses
emergency fund needs
credit score
available investments
8
How can you ensure you don't go over your budget?
Find a friend that enjoys going shopping
Round up your expense estimates to add a buffer
Buy all of your wants at one time.
Use most of your budget for entertainment expenses
9
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.
Upgrade your phone to the latest model.
Buy new track shoes because they’re in style.
Purchase concert tickets to see your favorite artist.
10
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.

Everfi Lesson 3 Budgeting Flashcards | StudBud