CSB Financial Education 2

Budgeting and Saving

Welcome to Cambridge Savings Bank's Financial Education Program! We'd like to learn what you

know - and what you may be unsure of when it comes to managing your money. Let's get started!

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1. Please select your group number and survey you are taking today.

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2. What is a balanced budget?

Spending that sensibly balances needs and wants

Income equals expenses

Savings is part of the plan

Not sure

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3. What is the opposite of debt?

Income

Expenses

Savings

Not sure

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4. Do you gain more from cutting expenses or increasing gross income by the same amount?

Cutting expenses

Increasing income

Both are equal

Not sure

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5. Which statement is false when describing both a savings account and a certificate of deposit?

Both are FDIC insured

Both are products offered by banks

You can withdraw money from either at any time without penalty

Not sure

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6. What is meant by "Pay Yourself First?"

Buy necessities first

Invest in insured investments

Build savings into your budget

Not sure

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7. What is a budget?

Your bank balance online or in a check register

A plan for you spend and save your money

A plan for how you invest your money

Not sure

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8. Can a direct deposit of a paycheck be split into both a checking and a savings account?

No. Direct deposits can only go into checking accounts

Yes

No. Direct deposits can only go into savings accounts

Not sure

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9. What is inflation?

How much your salary increases every year

How much costs of essential items you buy increase every year

How much your investments grow every year

Not sure

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10. When budgeting jointly with another person, what is the most difficult part?

Record-keeping

Prioritizing expenses

Finding bargains

Not sure

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11. If your expenses exceed your income, your accountant would say, "You are in the _______"

Red

Black

Blue

Not sure