Budget Quiz 2

15% of your monthly budget should be spent on

• food

• rent

• Entertainment

Fruits and vegetables should be a part of your food budget because

• they are the best tasting food in the whole world

• they are super cheap

• they include fiber, potassium, and vitamins

Which of these are saving tactics to help save money?

• Stay off social media

• Make a grocery list

• Shop it up on Amazon

• Use cash only

A _____________________is a planning document on which your income and expenses are listed.

Check the items that are most important on a budget worksheet

• Income

• Rent

• Expense

• Salary

The 5 steps for creating a budget include:

1. Choose a worksheet (app or paper)
2. Estimate Income
3. ?
4. Record actual income and expenses
5. ?

• Estimate savings/Pay insurance

• Estimate expenses/calculate difference

• Pay insurance/Calculate expense

An ________________ is Checking your budget for accuracy and to determine whether it is helping you to achieve your goals

Why should you review your budget AT LEAST once a year?

• Because it can help you think about achieving major goals such as spending excessive money you do not have

• Because it can help you plan steps toward major goals that may take many years to achieve

• Because it can help you plan steps toward spending money that you hope to earn in the future

When your financial goals change, your ____________will change.

• job

• insurance

• budget

When thinking about housing costs, how can you be smart about this expense? (choose multiple answers)

• Look for a roommate

• Live with friends or family

• Find a 2 bedroom apartment for yourself in the city

• Save money to put for a down payment on a house

• Look for an apartment with a pool, dog park, and fitness center