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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Questions 10

Answers

1
An emergency fund should NOT be used for…
fixing a blown tire on your car that you use to get to work.
a last-minute school trip.
a sudden health issue that needs care.
repairing your laptop that you use for homework.
2
Which of the following is NOT a benefit of using a budget?
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.
A budget can help you purchase anything you want.
3
Which of the following is NOT a good way to track your spending?
Online software or app
In your head
Notebook and pencil
Envelope method
4
How can you ensure you don't go over your budget?
Buy all of your wants at one time.
Round up your expense estimates to add a buffer
Find a friend that enjoys going shopping
Use most of your budget for entertainment expenses
5
Bank statements, credit statements, and records of cash expenses help you to estimate your ________.
credit score
available investments
expenses
emergency fund needs
6
This helps you prepare for unexpected expenses.
Checking account
Emergency fund
Credit cards
None of the above
7
What should be considered when setting a budget?
Needs and wants
Savings
Time management goals
Needs, wants, and savings
8
Which of the following expenses would be a good reason to spend money from an emergency fund?
Upgrade your phone to the latest model.
Buy new track shoes because they’re in style.
Repair your laptop that you use for homework.
Purchase concert tickets to see your favorite artist.
9
Which of the following is a way to track your spending?
Envelope method
An app
Spreadsheet budget
All of the above
10
Which of the following statements is TRUE?
None of the above
Recurring expenses are expenses that can never be stopped.
Recurring expenses should be planned for after looking at your wants.
Recurring expenses don't need to be planned for because they rarely happen.

Everfi Lesson 3 Budgeting Flashcards | StudBud