Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Which of the following is the best way to ensure you do not go over your budget, according to EverFi's financial literacy principles?

Track your spending regularly and compare it to your budgeted amounts.

Rely on memory to keep track of your expenses.

Only check your bank account at the end of the month.

Increase your budget whenever you overspend.

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Verified step by step guidance

Understand the concept of budgeting: A budget is a financial plan that helps you allocate your income towards expenses, savings, and other financial goals. Staying within your budget ensures financial stability.

Identify the key principle: According to financial literacy principles, tracking your spending regularly and comparing it to your budgeted amounts is the most effective way to ensure you do not exceed your budget.

Evaluate the options: Analyze each option provided in the question. For example, relying on memory is unreliable, checking your bank account only at the end of the month does not allow for proactive adjustments, and increasing your budget whenever you overspend defeats the purpose of budgeting.

Recognize the correct approach: Regularly tracking your spending allows you to compare actual expenses with your budgeted amounts, helping you identify areas where you may need to cut back or adjust.

Apply this principle: Use tools like budgeting apps, spreadsheets, or even a simple notebook to record your expenses and compare them to your budget frequently, ensuring you stay on track.