What is a personal budget?
Personal Budget Flashcardizz

Flashcard
•
Mathematics
•
6th - 7th Grade
•
Hard
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10 questions
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1.
FLASHCARD QUESTION
Front
Back
A personal budget is a plan for managing income and expenses over a specific period, helping individuals allocate their money effectively.
2.
FLASHCARD QUESTION
Front
What are fixed costs?
Back
Fixed costs are expenses that do not change regardless of the level of goods or services produced, such as rent or insurance.
3.
FLASHCARD QUESTION
Front
What are variable costs?
Back
Variable costs are expenses that vary directly with the level of production or sales, such as gas or groceries.
4.
FLASHCARD QUESTION
Front
How do you calculate sales tax?
Back
To calculate sales tax, multiply the price of the item by the sales tax rate (as a decimal) and add it to the original price.
5.
FLASHCARD QUESTION
Front
What is a discount?
Back
A discount is a reduction in the price of an item, often expressed as a percentage of the original price.
6.
FLASHCARD QUESTION
Front
How do you find the total cost after a discount?
Back
To find the total cost after a discount, subtract the discount amount from the original price.
7.
FLASHCARD QUESTION
Front
What is income?
Back
Income is the money received, typically on a regular basis, for work or through investments.
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