Mastering Budgeting Challenges

What is the primary purpose of creating a budget?

• To track past expenses

• To plan future spending

• To increase income

• To eliminate all debts

Which of the following is a common challenge when sticking to a budget?

• Overestimating income

• Underestimating expenses

• Finding a budgeting app

• Setting financial goals

• $800

• $1000

• $600

• $500

Tags

CCSS.6.NS.B.3

Which of the following is NOT a fixed expense?

• Rent

• Groceries

• Car payment

• Insurance premium

What is the 50/30/20 rule in budgeting?

• 50% needs, 30% wants, 20% savings

• 50% savings, 30% needs, 20% wants

• 50% wants, 30% savings, 20% needs

• 50% needs, 30% savings, 20% wants

Tags

CCSS.6.RP.A.3C

If you save $150 every month, how much will you have saved in a year?

• $1200

• $1500

• $1800

• $2000

Tags

CCSS.3.OA.A.3

Which of the following is a strategy to overcome budgeting challenges?

• Avoid tracking expenses

• Use credit cards for all purchases

• Set realistic financial goals

• Ignore unexpected expenses

What is an emergency fund?

• Money set aside for vacations

• Savings for unexpected expenses

• Funds for regular bills

• Investment in stocks

• You have a surplus of $100

• You have a deficit of $100

• You break even

• You save $100

Tags

CCSS.7.NS.A.1C

Which of the following is a variable expense?

• Mortgage payment

• Utility bill

• Subscription service

• Dining out