Budgets

Front

People create and keep a personal budget to help them _____?

Back

set and reach financial goals

Front

Which of the following people would benefit MOST from a personal budget? Tim carefully keeps track of his expenses. Sue spends less than she earns. David is saving for a major purchase. Bob does not have enough money to pay bills.

Back

Bob does not have enough money to pay bills.

Front

"Pay yourself first" means to assign a portion of your income for your personal savings.

Back

True

Front

The first step in creating a budget is _________.

Back

know your income

Front

The first consideration to start the budgeting process is to _________.

Back

set financial goals

Front

When a person borrows from the bank and receives the cash, he can consider it as an income.

Back

False

Front

Tina earned $15 doing laundry and $9 washing the car last month. Which table could show Tina’s budget?

Back

Front

This month Mando’s expenses are greater than his income. What are two actions Mando can take in order to balance his budget?

Back

Decrease expenses and increase income

Front

The amount of housing expenses should not go over ______ of the income. (Hint: about one-third of your income)

Back

35%

Front

The amount that goes to transportation expense should not go over ______ of the income. (Hint: about one-fifth of your income)

Back

20%