Below are answers to popular questions and answers to Everfi Budgeting Module 3.
Which of the following should NOT be considered when setting a current budget?
(a) your financial goals
(b) future income
(c) needs and wants
The answer is (b) future income.
Which of the following expenses would be a good reason to spend money from an emergency fund?
(a) repair your laptop that you use for homework
(b) upgrade your phone to the latest model
(c) buy new track shoes because they are in style
(d) purchase concert tickets to see your favorite artist
The answer is (a) repair your laptop that you use for homework.
Which of the following is a benefit of using a budget?
(a) helps to keep track of the money you receive
(b) helps to prioritize your spending
(c) helps reach short- and long-term financial goals
(d) all of the above
The answer is (d) all of the above.
Which of the following is TRUE regarding unexpected expenses?
(a) they usually don’t affect your budget
(b) they should be planned for
(c) they usually don’t affect your ability to pay bills
(d) they should not be included in your budget
The answer is (b) they should be planned for.
An unanticipated expense that will make it difficult to get by day-to-day would be a candidate for…
(a) spending money from your rent envelope
(b) emergency fund spending
(c) tracking all of the money you spent in a month
(d) getting an extra job so you can have money to cover that expense
The answer is (b) emergency fund spending.
Bank statements, credit statements, and records of cash expenses help you to estimate your ______.
(a) credit score
(b) emergency fund needs
(d) available investments
The answer is (c) expenses.