EVERFI Module 3 Budgeting Test Questions and Answers

EVERFI Module 3 Budgeting Test
Questions and Answers
1. Which of the following is NOT a good way to track your spending?

- In your head
- Notebook and pencil
- Envelope method
- Online software or app:
Answer: In your head

2. What should be considered when setting a budget?: Answer: Needs, wants,

and savings

3. Which choice or choices best describes the purpose of an emergency fund?

- An emergency fund prepares you for unexpected expenses.
- An emergency fund keeps you from borrowing money from friends and family.
- An emergency fund removes the worry about expenses not in the budget.- All of
the above are good reasons to have an emergency fund.: Answer: All of the above
are good reasons to have an emergency fund.
4. Which of the following statements is TRUE?

- Recurring expenses don't need to be planned for because they rarely happen.
- Recurring expenses are expenses that occur every month.
- Recurring expenses should be planned for after looking at your wants.
- None of the above:
Answer: Recurring expenses are expenses that occur every month.




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