PF: F.A. 4.1- 4.5: Budgeting Flashcard

Front

What is the best budgeting advice for someone with inconsistent income?

Back

Save a lot in months when you make a lot of money.

Front

What is an impulse buy?

Back

A purchase made without prior planning.

Front

What are examples of expenses in a budget?

Back

Rent, concert tickets, food, and utility bills.

Front

What is a solution set in the context of inequalities?

Back

A set of values that satisfy all inequalities in a system.

Front

What does it mean if a point is NOT part of the solution set?

Back

It does not satisfy the inequalities defined in the system.

Front

What is the importance of budgeting?

Back

Budgeting helps manage income and expenses, ensuring financial stability.

Front

What are fixed expenses?

Back

Expenses that do not change from month to month, such as rent.

Front

What are variable expenses?

Back

Expenses that can fluctuate, such as groceries and entertainment.

Front

How can one prioritize expenses in a budget?

Back

By categorizing them into needs and wants.

Front

What is the purpose of a budget?

Back

To plan and control financial resources.