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Personal Finance Test 2
Terms in this set (22)
Although the majority of Americans think budgeting is important, about ___________________ Americans actually use a budget.
Which of the following is NOT a component of a budget?
What are the Four Walls?
food, utilities, shelter, and transportation
Online budgeting apps are more effective than budgeting with pen and paper. (True or False)
How many categories should you have in your budget?
No limit; use as many as you need to keep your budget accurate
How often should you create a budget?
What does a budget show you?
How much money you plan to come in and go out during the month
How many months does it usually take for your budget to start working as a budget should?
Detailed categories on your budget will help you make better spending decisions (True of False)
A budget says what will happen with your money, while a cash-flow statement shows what already happened. (T or F)
Your money personality can affect your _____.
attitude toward budgeting
Research shows that nearly half of Americans (46%) feel stress and anxiety about the amount of ___________ they have
Going to the movies is an example of what types of expenses?
Discretionary and variable
Why is tracking your expenses throughout the month important?
It gives you insight into whether you're sticking to the budget you set.
Net income is the amount you get paid before taxes (T or F)
What kind of money counts as income?
All the money you receive, including money from your job and gifts like birthday money.
What is a way to stay accountable to reaching your financial goals?
finding a person you trust to help keep you on track with your money goals
A common misconception is that budgeting will keep you from having fun, when in reality a budget....
gives you permission to spend
The first priority in your budget should be
When is the right time to start creating and living by a budget?
Right now- never to early
What is a good way to make sure your're creating a budget that's realisitic
check your calendar so you can plan for upcoming monthly expenses
The best way to budget is
The way that works best for you
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