Financial Literacy

Front

What is a budget?

Back

A budget is a plan that outlines how much money you expect to earn and how much you plan to spend over a certain period.

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What does it mean to have a balanced budget?

Back

A balanced budget means that your income is equal to your expenses, so you are not spending more than you earn.

Tags

CCSS.6.EE.A.1

Front

What is income?

Back

Income is the money you receive, usually from work or investments.

Front

What are expenses?

Back

Expenses are the costs or money you spend on goods and services.

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CCSS.L.2.4E

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

Front

What is sales tax?

Back

Sales tax is a tax added to the price of goods and services at the time of purchase.

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CCSS.6.RP.A.3D

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What is the purpose of saving money?

Back

Saving money helps you prepare for future expenses, emergencies, or big purchases.

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CCSS.RI.3.5

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

Front

What is the difference between needs and wants?

Back

Needs are essential items for survival (like food and shelter), while wants are things that are nice to have but not necessary.

Tags

CCSS.RI.5.2

CCSS.RI.6.2

CCSS.RL.4.1

CCSS.RL.5.1

CCSS.RL.5.2

Front

What is an allowance?

Back

An allowance is a set amount of money given regularly, often to children, to manage their own spending.

Tags

CCSS.RI.4.5

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

Front

What does it mean to decrease expenses?

Back

Decreasing expenses means finding ways to spend less money on non-essential items.

Tags

CCSS.RI.4.3

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

Front

What is income tax?

Back

Income tax is a tax that governments impose on individuals' earnings.

Tags

CCSS.RI.4.3

CCSS.RI.4.5

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.5