What is a personal budget?
Budgeting Basics

Flashcard
•
Other
•
7th Grade
•
Hard
Quizizz Content
FREE Resource
Student preview

15 questions
Show all answers
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.
Create a free account and access millions of resources
Similar Resources on Quizizz
15 questions
Financial Literacy Review

Flashcard
•
7th Grade
15 questions
Budgeting Basics

Flashcard
•
7th Grade
15 questions
Dave Ramsey - Chapter 1 & 2

Flashcard
•
7th Grade
15 questions
Financial Literacy Practice

Flashcard
•
7th Grade
17 questions
Financial Literacy Vocab_CB

Flashcard
•
7th Grade
10 questions
Financial Literacy

Flashcard
•
6th Grade
10 questions
Personal Budget Flashcardizz

Flashcard
•
6th - 7th Grade
15 questions
Financial Literacy Review

Flashcard
•
7th Grade
Popular Resources on Quizizz
15 questions
Multiplication Facts

Quiz
•
4th Grade
25 questions
SS Combined Advisory Quiz

Quiz
•
6th - 8th Grade
40 questions
Week 4 Student In Class Practice Set

Quiz
•
9th - 12th Grade
40 questions
SOL: ILE DNA Tech, Gen, Evol 2025

Quiz
•
9th - 12th Grade
20 questions
NC Universities (R2H)

Quiz
•
9th - 12th Grade
15 questions
June Review Quiz

Quiz
•
Professional Development
20 questions
Congruent and Similar Triangles

Quiz
•
8th Grade
25 questions
Triangle Inequalities

Quiz
•
10th - 12th Grade
Discover more resources for Other
25 questions
SS Combined Advisory Quiz

Quiz
•
6th - 8th Grade
6 questions
Earth's energy budget and the greenhouse effect

Lesson
•
6th - 8th Grade
36 questions
SEA 7th Grade Week 3 Review FINAL 2025

Quiz
•
7th Grade
20 questions
Multiplying and Dividing Integers

Quiz
•
7th Grade
15 questions
Fast food

Quiz
•
7th Grade
10 questions
Area and Circumference of a Circle

Quiz
•
7th Grade