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Budgeting

Quiz by Jennifer Alderfer

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5 questions
Show answers
  • Q1

    What is a budget?

    An estimate of income and expenses for a set period of time

    The act of living frugally

    Total after-tax income in a given pay period

    30s
  • Q2

    Why are digital subscriptions for things like movies, music and ebooks considered sneaky expenses?

    You can often be charged extra without your consent

    The total cost can add up quickly if you’re subscribed to several services at once

    Service providers can sign you up and start charging your credit card without you even knowing it

    30s
  • Q3

    In the 50/30/20 budgeting system, what’s the ideal percentage breakdown?

    50% savings, 30% needs and 20% wants

    50% wants, 30% needs and 20% savings

    50% needs, 30% wants and 20% savings

    30s
  • Q4

    If your spending isn’t matching up with the 50/30/20 guidelines, what should you do?

    Reduce your spending

    Any combination of the other answers

    Modify your percentages

    Increase your income

    30s
  • Q5

    Budgeting means giving up everything you love and converting to a super-frugal lifestyle

    false
    true
    True or False
    30s

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