What is a personal budget?
Budgeting Basics

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Other
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7th Grade
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Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
Back
A personal budget is a financial plan that helps individuals track their income and expenses.
2.
FLASHCARD QUESTION
Front
What is the difference between needs and wants?
Back
Needs are essential for survival, while wants are desires that are not necessary for survival.
3.
FLASHCARD QUESTION
Front
Why is it important to set financial goals?
Back
To prioritize spending, save money, and work towards desired financial future.
4.
FLASHCARD QUESTION
Front
What are some common financial goals? Options: Investing in stocks, starting a business, buying a luxury car, taking extravagant vacations; Spending all income on immediate wants and needs, not saving any money; Borrowing money to fund a lavish lifestyle.
Back
Saving for retirement, paying off debt, buying a home, saving for education, and building an emergency fund.
5.
FLASHCARD QUESTION
Front
What is a budget plan?
Back
A budget plan is a detailed outline of an individual or organization's income and expenses over a specific period of time.
6.
FLASHCARD QUESTION
Front
What are the steps involved in creating a budget plan?
Back
Determine income, track expenses, set goals, create template, allocate funds, monitor and adjust
7.
FLASHCARD QUESTION
Front
How can you differentiate between fixed and variable expenses?
Back
Fixed expenses are recurring costs that remain the same each month, while variable expenses can change from month to month.
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