Budget/Personal Finance

Front

What does it mean to budget?

Back

an estimate of income and expenses for a set period of time

Front

What is the first step you should take when planning your budget?

Back

gather all financial statements

Front

Which of the following is NOT a reason to budget?

• helps you meet your financial goals
• locates where your money is going
• prevents you from saving money
• sheds light on bad spending habits

Back

prevents you from saving money

Front

Fixed expenses

Back

costs that are necessary and stay the same amount each month

Front

How often should you reevaluate your budget?

Back

monthly

Front

Variable expense

Back

Costs that are necessary, but the amount that you spend differs from month-to-month.

Front

What is a flexible expense?

Back

costs that are easily changed, reduced, or eliminated

Front

What is an example of a fixed expense? Options: food, electric bill, auto insurance, clothing

Back

auto insurance

Front

Which of the following is NOT an example of flexible expense?

• going out to eat
• making a car payment
• going to a vacation
• getting your nails done

Back

making a car payment

Front

What is a way to cut down on expenses if you go over your budget?

Back

All of the above (eat out less, go to the movies less, skip out on a concert)