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

A budget can help you purchase anything you want.

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

a) Find a friend with similar goals and hold each other accountable

Which of the following is NOT true about emergency funds?

a) They are used for anything listed on the budget.

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.

What is NOT true about unexpected expenses?

a) They do not occur if you have a budget.

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

d) Buy all of your wants at one time.

Charitable donations, entertainment expenses, and financial goals are all examples of...

d) things to consider when creating a budget.

What is NOT a good way to prevent unnecessary spending?

d) Buy all of your wants at one time.

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EverFi Budgeting Module New

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Questions 24

Answers

1
___________ are good places to look to find your current expenses when building your budget.
b) Grocery stores and concerts
d) Online research websites
a) Banks and credit unions
c) Bank and credit statements
2
In your budgeting process, when should you look at recurring expenses?
a) Before reviewing your wants
c) Before looking at your needs
b) After considering entertainment expenses
d) After your wants but before you needs
3
Bank statements, credit statements, and records of cash expenses help you to estimate your ________.
b) emergency fund needs
a) credit score
c) expenses
d) available investments
4
Which of the following is NOT a good way to track your spending?
b) Notebook and pencil
a) In your head
c) Envelope method
d) Online software or app
5
Which of the following is NOT a benefit of using a budget?
A budget can help you keep track of your money.
A budget can help you make plans to reach your financial goals.
A budget can help you purchase anything you want.
A budget can help you decide the importance of your expenses.
6
Why is using a budget beneficial?
Helps reach short- and long-term financial goals
Helps to prioritize your spending
All of the Above
Helps to keep track of the money you receive
7
Where should you look to find your current expenses when building your budget?
c) bank and credit statements
b) your wallet
d) your bank representative
a) ask your parents
8
In addition to needs, what should you plan for first when creating a budget?
d) Recurring expenses
c) Investments
a) Possible charitable donations
b) Shopping money
9
When setting a budget, you can choose to make room for:
b) Entertainment expenses
d) All of the above
a) Financial goals
c) Charitable donations
10
What budgeting tip(s) would help you to stay on track financially?
b) Put aside fun money in your budget so you're not missing out
a) Find a friend with similar goals and hold each other accountable
c) Only use your closest gas station to fill up gas
d) All of the above
11
An unanticipated expense that will make it difficult to get by day-to-day would be a candidate for…
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) emergency fund spending.
a) spending money from your “rent” envelope.
12
Which of the following is NOT true about emergency funds?
c) They help you prepare for unexpected expenses.
b) They can keep you from borrowing money from friends and family.
d) They help remove the worry about expenses not in the budget.
a) They are used for anything listed on the budget.
13
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
14
Which of the following should NOT be considered when setting a current budget?
a) Your financial goals
d) Savings
c) Needs and wants
b) Future income
15
Which of the following expenses would be a good reason to spend money from an emergency fund?
b) Upgrade your phone to the latest model.
d) Purchase concert tickets to see your favorite artist.
a) Repair your laptop that you use for homework.
c) Buy new track shoes because they’re in style.
16
What is NOT true about unexpected expenses?
a) They do not occur if you have a budget.
c) They could interfere with your ability to pay your bills.
d) They should be planned for so that you can keep within your budget.
b) They could impact your budget in a negative way.
17
How can you ensure you don't go over your budget?
b) Use most of your budget for entertainment expenses
a) Round up your expense estimates to add a buffer
c) Find a friend that enjoys going shopping
d) Buy all of your wants at one time.
18
Which of the following should you consider when setting a budget?
b) Needs and wants
d) All of the above
c) Savings
a) Your financial goals
19
Which of the following is a benefit of using a budget?
All of the Above
Helps to keep track of the money you receive
Helps reach short- and long-term financial goals
Helps to prioritize your spending
20
Charitable donations, entertainment expenses, and financial goals are all examples of...
c) activities that are necessary for a healthy lifestyle.
b) things that are considered needs.
d) things to consider when creating a budget.
a) activities that contribute to overspending.
21
What is NOT a good way to prevent unnecessary spending?
d) Buy all of your wants at one time.
a) Cancel any unused recurring expenses like subscription boxes
c) Make your own food more often
b) Use and app to find the cheapest gas station
22
What should be considered when setting a budget?
d) Needs, wants, and savings
c) Time management goals
a) Needs and wants
b) Savings
23
An emergency fund should NOT be used for…
b) repairing your laptop that you use for homework.
a) fixing a blown tire on your car that you use to get to work.
c) a last-minute school trip.
d) a sudden health issue that needs care.
24
Which of the following is a way to track your spending?
d) All of the above
b) Envelope method
c) An app
a) Spreadsheet budget

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