7SS - 30a - Budgeting

Front

What is a budget?

Back

A budget is a financial plan that outlines expected income and expenses over a specific period.

Front

True or False: There is such a thing as 'good debt'.

Back

False

Front

If your monthly expenses exceed your income, what type of budget are you considered to have?

Back

An over budget.

Front

How much money will the Gummy family save if they budget $35 a month for 15 months?

Back

$525

Front

What is the purpose of a financial plan?

Back

To manage income and expenses effectively.

Front

What happens if you spend more than your budget allows?

Back

You will go over budget.

Front

What is the term for money that you earn?

Back

Income.

Front

What is an example of a fixed expense?

Back

Rent or mortgage payments.

Front

What is an example of a variable expense?

Back

Groceries or entertainment.

Front

What does it mean to save money?

Back

To set aside a portion of income for future use.