Budgeting

Front

Electricity is an example of a ______ expense.

Back

Variable expense: Expenses that can change from month to month, such as electricity bills.

Front

Budgeting is crucial to your financial success. True or False?

Back

True: Budgeting helps manage finances effectively and plan for future expenses.

Front

Fixed or variable expense: Groceries

Back

Variable expense: Groceries can vary in cost each month.

Front

If an expense can NOT be removed from your budget to save money, it is considered a _____.

Back

Need: Essential expenses that are necessary for survival.

Front

Plans that can be accomplished within three months to a year are called?

Back

Short Term Goals: Goals that are achievable in the near future.

Front

What is a budget?

Back

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

Front

What are fixed expenses?

Back

Fixed expenses are costs that do not change from month to month, such as rent or mortgage.

Front

What is the purpose of a savings account?

Back

A savings account is used to save money while earning interest, providing a safe place for funds.

Front

What is the difference between needs and wants?

Back

Needs are essential for survival (e.g., food, shelter), while wants are non-essential (e.g., luxury items).

Front

What is an example of a variable expense?

Back

Examples include groceries, gas, and entertainment costs that can fluctuate.