What is the first step in creating a budget plan?

Budget Planning

Quiz
•
Others
•
6th Grade
•
Hard

Rekha undefined
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Start tracking expenses
Create a savings plan first
Determine income sources and amounts
Consult with a financial advisor
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to track your expenses when creating a budget plan?
Budget plans are more effective without tracking expenses
Tracking expenses is a waste of time and effort
Knowing where your money goes has no impact on financial planning
Tracking expenses provides insight into spending habits and allows for better financial planning.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are fixed expenses in a budget plan?
Expenses that vary each month
Costs that remain constant each month.
One-time expenses
Variable income sources
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can you increase your savings in a budget plan?
Never review the budget plan
Ignore tracking expenses
Spend all income without saving
Set a savings goal, track expenses, create a budget, automate savings, and review regularly.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between needs and wants in a budget plan?
Needs and wants are the same in a budget plan.
Needs are more expensive than wants in a budget plan.
Needs are essential for survival, while wants are non-essential desires.
Needs are non-essential desires, while wants are essential for survival.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How often should you review and adjust your budget plan?
Monthly
Yearly
Quarterly
Weekly
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an emergency fund and why is it important in a budget plan?
An emergency fund is a loan for unnecessary purchases, important in a budget plan to encourage overspending
An emergency fund is a credit card for luxury expenses, important in a budget plan to increase debt
An emergency fund is a savings account for unexpected expenses, important in a budget plan to avoid debt and financial stress.
An emergency fund is a retirement account for long-term savings, important in a budget plan to limit spending
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