MWLA Fall Final

The envelope strategy means you can only put your money into physical envelopes.

• True

• False

The pay yourself first strategy means you put money into the (a)​ (a)   category first.

• savings
• needs
• wants

Organize these options into the right categories

Groups:

(a) Needs

,

(b) Wants

,

(c) Savings

• Education

• Utilities

• Designer clothing

• Retirement fund

• Rent

• Emergency fund

• Investment fund

• Electronics

• College fund

• Vacation

• Restaurant dining

• Vacation fund

• Transportation

• Healthcare

• Groceries

• Hobbies

• Home down payment

• Entertainment

Variable expenses​ (a)   . Fixed expenses​ (b)   .

• change
• do not change
• increase
• decrease
• dissapear

Which of the following is NOT a successful budgeting strategy?

• Keep some extra money in your budget for emergencies

• Pay with a credit card if you have a hard time sticking to a budget

• Think about which items are needs, wants, or savings

• Revisit your budget regularly and make adjustments

In the 50/30/20 budgeting strategy, 50% of your budget goes to​ (a)   , 30% of your budget goes to​ (b)   , and 20% goes to​ (c)   .

• needs
• wants
• savings
• investments
• clothing
• dining
• housing
• utilities

Which of these are goals of creating a budget?

• To track expenses

• To plan for future financial goals

• To save money

• To spend more

What should you do if you spend more money than you have in your budget?

• 
  Borrow money from a friend

• Adjust your budget to spend less in other areas

• Try to save more money next time

• Nothing

The zero-based budgeting strategy means you have $0 after you assign money to needs and savings.

• True

• False

Organize these options into the right categories

Groups:

(a) Fixed Expense

,

(b) Variable Expense

• Travel

• Phone

• Clothing

• Gas

• Food

• Internet

• Insurance

• Entertainment

• Rent

• Car payment