Personal Budget

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The income part of a personal budget

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includes all income from various sources.

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The expenses section of a personal budget

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shows the amount of money that is spent each month.

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People keep a personal budget to help them

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set and reach financial goals.

Front

Which of the following people would benefit MOST from a personal budget? Tim carefully keeps track of his expenses. Sue spends less than she earns. David is saving for a major purchase. Bob does not have enough money to pay bills.

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Bob does not have enough money to pay bills.

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For which item would someone MOST LIKELY need to save money in order to purchase? a new shirt, a new washing machine, a hair dryer, a video game

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a new washing machine

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Which of the following statements about saving money is false? People only save money to build wealth., Bank accounts are very safe., It is easy to withdraw money from your bank account., Most saving accounts pay a small amount of interest.

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People only save money to build wealth.

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What is NOT a reason that people usually save money? Options: to buy special things for the future, to have money for emergencies, to make a payment on an expensive item, to buy basic necessities

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to buy basic necessities

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Which item would most likely require savings? Options: soccer ball, a new refrigerator, a movie ticket, a box of cookies

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a new refrigerator

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I had to give up going out to dinner in order to buy a new shirt. This is an example of

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opportunity cost

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A budget is a list of

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income and expenditures