What is budgeting?

Budgeting Flashcard

Flashcard
•
Life Skills
•
6th Grade
•
Hard
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10 questions
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1.
FLASHCARD QUESTION
Front
Back
The process of creating a plan to manage income and expenses over a specific period
2.
FLASHCARD QUESTION
Front
What is the first responsibility in budgeting?
Back
Income Tracking
3.
FLASHCARD QUESTION
Front
Which of the following is a short-term savings goal? Buying a house, Emergency fund, Retirement plan, Starting a business
Back
Emergency fund
4.
FLASHCARD QUESTION
Front
What is the purpose of creating a savings plan?
Back
To develop a systematic approach to savings
5.
FLASHCARD QUESTION
Front
What is an example of an interest-bearing account?
Back
Savings account
6.
FLASHCARD QUESTION
Front
Why is discipline important in saving?
Back
To consistently contribute to savings
7.
FLASHCARD QUESTION
Front
Which of the following is considered an essential need? A new smartphone, Food, Designer clothes, A sports car
Back
Food
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