Advanced Budgeting 15-18

What is the first step in creating a personal budget?

• • a) Spend money first

• • b) Track income and expenses

• • c) Save whatever is left

• • d) Borrow money for expenses

What percentage of your income is typically recommended to save?

• • a) 10%

• • b) 30%

• • c) 50%

• • d) 75%

If your monthly income is ₹10,000, and your expenses are ₹9,000, what should you do to balance your budget?

• • a) Reduce expenses

• • b) Increase expenses

• • c) Take a loan

• • d) Ignore the issue

What does the term "fixed expense" mean?

• • a) Expenses that never change

• • b) Expenses that vary monthly

• • c) Optional expenses

• • d) Emergency funds

Which of these is an example of a discretionary expense?

• • a) Rent

• b) Groceries

• c) A new phone

• d) Utility bills