Budgeting Review

Front

What is a budget?

Back

A plan for spending and saving your money.

Front

What is income?

Back

The money that you earn.

Front

What is net pay?

Back

The amount of money you take home after taxes and deductions.

Front

How do you calculate the unit price?

Back

Divide the total cost by the number of items.

Front

If a dozen doughnuts cost $3.00, what would 1 doughnut cost?

Back

1 doughnut would cost $0.25.

Front

Which is the best buy? 7 pencils for $1.40, 6 pencils for $1.26, or 8 pencils for $1.88?

Back

7 pencils for $1.40.

Front

Why is it important to use net pay when creating a budget?

Back

Your net pay is a more accurate picture of how much money you have available to spend or save.

Front

What is a fixed expense?

Back

An expense that does not change from month to month, such as rent.

Front

What is a variable expense?

Back

An expense that can change from month to month, such as groceries.

Front

What is discretionary spending?

Back

Money spent on non-essential items or services.