Chapter 3
Budgeting: Keeping Track of Your Money
61
Your
Financial IQ
Before you read this chapter, answer the following questions to see how much you
already know about budgeting.
1. What is a budget?
2. How do you think using a budget could help you manage your money?
3. What does it mean to “pay yourself fi rst” when managing your money?
4. How do you keep track of how much money you spend in a typical day?
5. What is a fi xed expense?
6. What is a variable expense?
7. What is discretionary income?
8. Is a budget necessary if you have a high income?
9. What does it mean to have a surplus?
10. What does it mean to have a defi cit?
B f
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