Which of the following is NOT true of a budget? [note capitalization of “NOT”]
A. A budget can include donations to charities.
B. Budgets include both expenses and income.
C. Budgets help you plan how to spend money you earn or receive.
D. Once you finish making your budget, you should not change it.
Which of the following is NOT true of a budget?
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The correct answer is D. Once you finish making your budget, you should not change it.
Explanation: A budget is a flexible plan that can and should be adjusted as your financial situation or goals change. It’s important to review and revise your budget regularly to accommodate new expenses or income changes. The other options (A, B, and C) reflect accurate statements about what a budget can include and its purpose.