Budget basics

Front

What is a budget?

Back

A budget is a plan for managing your money. It compares how much you earn (make) to how much you spend.

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Front

True or False: A budget helps you save money for the things you really want.

Back

True

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Front

True or False: A budget is not a helpful tool.

Back

False

Tags

CCSS.RI.11-12.7

CCSS.RI.9-10.7

CCSS.RL.11-12.7

CCSS.RL.8.7

CCSS.RL.9-10.7

Front

What does income refer to?

Back

Income is all the money you earn (make) over a period of time, usually a month.

Front

What is the purpose of creating a budget?

Back

The purpose of creating a budget is to manage your finances effectively by tracking income and expenses.

Front

What are fixed expenses?

Back

Fixed expenses are costs that do not change from month to month, such as rent or mortgage payments.

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Front

What are variable expenses?

Back

Variable expenses are costs that can change from month to month, such as groceries or entertainment.

Tags

CCSS.7.NS.A.1C

Front

What is the difference between needs and wants?

Back

Needs are essential items required for survival (like food and shelter), while wants are non-essential items that enhance quality of life.

Tags

CCSS.RI.7.2

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.8.1

CCSS.RL.9-10.2

Front

How can a budget help in achieving financial goals?

Back

A budget helps prioritize spending and saving, making it easier to reach financial goals like saving for a car or college.

Front

What is discretionary spending?

Back

Discretionary spending refers to non-essential expenses that can be adjusted or eliminated, such as dining out or luxury items.