Budgeting

Front

What is a variable expense?

Back

A variable expense is a cost that can change depending on the level of goods or services produced or consumed. Examples include dining out and clothing.

Front

What is a fixed expense?

Back

A fixed expense is a cost that does not change regardless of the level of goods or services produced or consumed. Examples include rent and car insurance.

Front

What is the difference between a want and a need?

Back

A want is something that is desired but not essential for survival, while a need is something that is necessary for basic functioning and survival.

Tags

CCSS.RI.7.2

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.8.1

CCSS.RL.9-10.2

Front

Give an example of a want.

Back

A vacation is an example of a want.

Tags

CCSS.L.1.6

CCSS.L.3.6

CCSS.L.4.6

CCSS.RL.1.4

Front

Give an example of a need.

Back

Food, shelter, and clothing are examples of needs.

Tags

CCSS.RL.11-12.6

CCSS.RL.6.3

CCSS.RL.7.3

CCSS.RL.8.3

CCSS.RL.9-10.3

Front

What are some common examples of variable expenses?

Back

Common examples of variable expenses include groceries, dining out, entertainment, and clothing.

Front

What are some common examples of fixed expenses?

Back

Common examples of fixed expenses include rent, mortgage payments, insurance premiums, and property taxes.

Front

How can budgeting help manage expenses?

Back

Budgeting helps manage expenses by allowing individuals to plan their spending, track their income and expenses, and make informed financial decisions.

Front

What is the purpose of a budget?

Back

The purpose of a budget is to allocate financial resources effectively, ensuring that income covers necessary expenses and savings goals.

Front

What is the first step in creating a budget?

Back

The first step in creating a budget is to assess your income and expenses.