Elements of a Personal Budget

Front

It's your birthday! Your grandparents gave you $25 to buy something you want. Is this considered income or an expense?

Back

income

Front

The goal of a budget is to _____?

Back

spend less than you make.

Front

Money set aside to use in the future is called _________.

Back

savings

Front

You sold your bike to a friend for $100. What is this called?

Back

income

Front

You are really hungry today. You went through the Wendy's and bought $12.95 worth of food. This is an example of what?

Back

expense

Front

What is the opportunity cost of buying a new lawn mower instead of a large screen TV after earning $300 from yard work?

Back

Large Screen TV

Front

What is money spent to buy something?

Back

expenditure

Front

Ms. Slodysko paid her sons $10 each to clean out their garage. What is this money called for the boys?

Back

income

Front

Food, water, and basic clothing are considered a _______.

Back

need

Front

The new XBOX game controller is out in stores. This item is considered a _______.

Back

want