workshopone — The Finance Learning Center

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Operation: Take Control of Your MoneyEvery successful mission starts with a plan. Your first assignment is to uncover where your money comes from, where it goes, and how to put every dollar to work. Master the basics of budgeting and build your first line of defense against financial chaos.

🕵️ Mission: Budget Basics

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📘 Lesson: Budget Basics

Budget= plan for your money. Track income(money in) and expenses(money out). Keep income ≥ expenses, pay yourself first (save), and review monthly. Use the 50/30/20 rule: 50% Needs, 30% Wants, 20% Savings/Debt goals.

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🎯 Quiz

1) What is the first step in creating a budget?

Start spending List income and expenses Get a credit card

2) Which of these is a fixed expense?

Rent Gasoline Groceries

3) Which of the following is an example of income?

Car payment Paycheck Subscription

4) A budget helps you...

Spend more freely Track money and plan spending Avoid responsibilities

5) What should you do if your expenses are more than your income?

Ignore it Get a new budget app Reduce expenses or increase income

6) Why is saving part of a budget important?

For emergencies and goals To show off It's not important

7) How often should you review your budget?

Every 5 years Once, and forget it Monthly or regularly

8) Which tool is commonly used for budgeting?

Notebook Spreadsheet All of the above

9) Which is a variable expense?

Monthly rent Grocery bill Gym membership

10) What’s the 50/30/20 rule?

Save 50%, spend 50% 50% needs, 30% wants, 20% savings Spend 100%

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