EverFi Budgeting Review Questions and Answers | Latest Version | 2024/2025 | Graded A+
0 view 0 purchase
Course
EverFi Budgeting
Institution
EverFi Budgeting
EverFi Budgeting Review Questions and
Answers | Latest Version | 2024/2025 |
Graded A+
What is the primary purpose of a budget?
A) To limit spending
B) To track income and expenses
C) To eliminate all unnecessary purchases
D) To save for retirement
B) To track income and expenses
Wh...
EverFi Budgeting Review Questions and
Answers | Latest Version | 2024/2025 |
Graded A+
What is the primary purpose of a budget?
A) To limit spending
B) To track income and expenses
C) To eliminate all unnecessary purchases
D) To save for retirement
✔✔ B) To track income and expenses
Which of the following is considered a fixed expense?
A) Groceries
B) Rent or mortgage payments
C) Utility bills
D) Entertainment costs
✔✔ B) Rent or mortgage payments
What is a variable expense?
1
,A) An expense that remains constant each month
B) An expense that fluctuates based on usage or spending habits
C) An expense related to savings
D) An expense that is required by law
✔✔ B) An expense that fluctuates based on usage or spending habits
What is the first step in creating a personal budget?
A) Tracking expenses
B) Setting financial goals
C) Estimating income
D) Analyzing past spending habits
✔✔ C) Estimating income
What is the 50/30/20 rule in budgeting?
A) 50% needs, 30% wants, 20% savings
B) 50% savings, 30% needs, 20% wants
C) 50% wants, 30% savings, 20% needs
D) 50% income, 30% investments, 20% expenses
2
, ✔✔ A) 50% needs, 30% wants, 20% savings
What should you do if your expenses exceed your income?
A) Ignore the issue and hope it resolves itself
B) Increase your income by getting a second job
C) Reduce discretionary spending
D) Increase your fixed expenses
✔✔ C) Reduce discretionary spending
What is an emergency fund?
A) A fund for planned vacations
B) Money set aside for unexpected expenses
C) A savings account for retirement
D) A budget for monthly expenses
✔✔ B) Money set aside for unexpected expenses
Why is it important to track your spending?
A) To find out how much you can borrow
3
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SterlingScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.06. You're not tied to anything after your purchase.
