Personal Budget

How can you budget money wisely?

• spend impulsively

• ignore tracking expenses

• never review or adjust budget

• spend less money than you earn

What's the best thing you can do to make sure that you spend less money than you earn each month?

• invest in the stock market

• take out a loan

• make a personal budget

• use credit cards on everything

What part of a personal budget represents the amount of money a person could put into a savings account every month?

• expenses
• investments
• income
• net income

What element of a personal budget records the things that a person spends money on?

• income
• interest

• bonuses

• expenses

What would help a couple improve their finances?

• Creating a personal budget to identify how to reduce spending

• Ignoring their financial situation
• Spending more than they earn
• Not setting financial goals

What should a person make sure to balance when creating a personal budget?

• competition and cooperation

• spending and savings

• risk and reward

• purchasing and investing

What is the most reasonable goal for a person's financially responsible personal budget?

• To never save money and live paycheck to paycheck
• To spend less than they earn

• To spend more than they earn and rely on credit cards
• To invest all their savings in high-risk ventures

Preparing a personal budget can help a person?

• better understand their monthly spending

• By avoiding tracking expenses
• earn more money on investments

• By ignoring financial responsibilities

What would be the most financially responsible way to make sure that you have enough money to buy sneakers by the end of summer?

• Create a budget so you will know how much money to save each week.

• Invest in a risky stock market scheme
• Spend all your money on other items and hope for the best
• Take out a high-interest loan to buy the sneakers

Preparing a personal budget can help a person in which two ways?

• Budgets help people better understand their monthly spending.

• Budgets help people save money to put toward future expenses.

• Budgets help people find the best deals.

• Budgets help people get promotions at work.