Financial Literacy Budgets Take Balance

True or false: Non-discretionary spending can include either fixed or variable expenses.

• True

• False

Is a monthly bus or train pass an example of a fixed or variable expense?

• Fixed Expense

• Variable Expense

True or false: The main purpose of a budget is to slow down spending.

• True

• False

Are groceries an example of a discretionary expense?

• Yes

• No

• Maybe

Experts recommend saving at least what percentage of your income?

• 5%

• 10%

• 15%

• Saving is not necessary

True or false: A budget can usually help you spend less and save more.

• True

• False

True or false: By honestly evaluating your needs versus your wants, you can control excessive spending

• True

• False

True or false: A fixed expense costs the same amount every month.

• True

• False

True or false: Discretionary spending is bad, and should be avoided.

• True

• False

True or false: If your monthly income is $2,000, saving $200 would be a smart goal to set.

• True

• False