1) What is a zero-based budget? a) when you automatically set aside money for your financial goals as soon as you get paid b) is a plan where expenses are paid in cash and income is divided into separate envelopes to track the expenditures. c) a budget in which every dollar is assigned to a specific job. d) a simple way to budget that doesn't involve detailed budgeting categories. Instead, you spend 50% of your after-tax pay on needs, 30% on wants, and 20% on savings or paying off debt. e) with this budget, 60% of your budget goes to your expenses, and the other 40% goes to 4 different categories of saving 2) What is a pay-yourself-first budget? a) a budget in which every dollar is assigned to a specific job. b) a simple way to budget that doesn't involve detailed budgeting categories. Instead, you spend 50% of your after-tax pay on needs, 30% on wants, and 20% on savings or paying off debt. c) a plan where expenses are paid in cash and income is divided into separate envelopes to track the expenditures. d) when you automatically set aside money for your financial goals as soon as you get paid e) with this budget, 60% of your budget goes to your expenses, and the other 40% goes to 4 different categories of saving 3) What is the definition of a discretionary expense? a) an expense that is necessary for everyday life b) expenses that an individual can survive without c) a budget in which every dollar is assigned to a specific job. d) a simple way to budget that doesn't involve detailed budgeting categories. Instead, you spend 50% of your after-tax pay on needs, 30% on wants, and 20% on savings or paying off debt e) a plan where expenses are paid in cash and income is divided into separate envelopes to track the expenditures. 4) What is an envelope system budget a) when you automatically set aside money for your financial goals as soon as you get paid b) a simple way to budget that doesn't involve detailed budgeting categories. Instead, you spend 50% of your after-tax pay on needs, 30% on wants, and 20% on savings or paying off debt. c) with this budget, 60% of your budget goes to your expenses, and the other 40% goes to 4 different categories of saving d) a budget in which every dollar is assigned to a specific job. e) a plan where expenses are paid in cash and income is divided into separate envelopes to track the expenditures. 5) What is a 50/30/20 budget? a) a simple way to budget that doesn't involve detailed budgeting categories. Instead, you spend 50% of your after-tax pay on needs, 30% on wants, and 20% on savings or paying off debt b) with this budget, 60% of your budget goes to your expenses, and the other 40% goes to 4 different categories of saving c) a plan where expenses are paid in cash and income is divided into separate envelopes to track the expenditures. d) when you automatically set aside money for your financial goals as soon as you get paid e) a budget in which every dollar is assigned to a specific job. 6) What is the definition of a necessary expense? a) a simple way to budget that doesn't involve detailed budgeting categories. Instead, you spend 50% of your after-tax pay on needs, 30% on wants, and 20% on savings or paying off debt b) a plan where expenses are paid in cash and income is divided into separate envelopes to track the expenditures. c) expenses that an individual can survive without d) a budget in which every dollar is assigned to a specific job. e) an expense that is necessary for everyday life 7) What is the Rolling budget? a) a plan where expenses are paid in cash and income is divided into separate envelopes to track the expenditures. b) continuous budgets that are updated monthly c) when you automatically set aside money for your financial goals as soon as you get paid d) a simple way to budget that doesn't involve detailed budgeting categories. Instead, you spend 50% of your after-tax pay on needs, 30% on wants, and 20% on savings or paying off debt e) a budget in which every dollar is assigned to a specific job.

Different types of budgeting

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