1) What  does "budget" mean? a) A list of events b) A financial plan detailing income and expenses c) A record of transactions d) A savings account 2) Why is budgeting important? a) To track income only b) To manage finances and achieve financial goals c) To spend money freely d) To avoid paying taxes 3) The following are the three main categories of a budget, EXCEPT: a) Save b) Spend c) Share d) Spin 4) What does the "Save" category include? a) Monthly bills b) Money for future goals c) Entertainment Expenses d) Rent 5) What is included in the "Spend" category? a) Savings b) Fixed and variable expenses c) Investments d) Donations 6) What does the "Share" category in a budget include? a) Emergency fund b) Donations or gifts to others c) Paying off d) Monthly subscriptionn 7) Which of the following is NOT belong to the methods in budgeting? a) Pay Yourself First b) 30, 20, 10 Rule c) Envelope System d) Debt Snowball 8) Which method divides income into 50% needs, 30% wants, and 20% savings? a) 50/30/20 Pay Yourself First b) 50/30/20 Rule c) Envelope System d) Debt Snowball 9) What is the "Pay Yourself First" method? a) Spending on wants before needs b) Saving a portion of income before any other expenses c) Paying all debts first d) Investing immediately in stocks 10) What is the "Envelope System"? a) Investing in stocks b) Managing cash with envelopes for spending categories c) Debt consolidation plan d) Paying bills monthly

Budgeting Challenge

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