Budgeting Basics Vocabulary Review

Budgeting Basics Vocabulary Review

Assessment

Flashcard

Financial Education

7th Grade

Hard

Created by

Terese Nelson

FREE Resource

Student preview

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15 questions

Show all answers

1.

FLASHCARD QUESTION

Front

50% Needs, 30% Wants, 20% Savings

Back

The way income is used or divided up in the "50/20/30 Rule" of budgeting.

2.

FLASHCARD QUESTION

Front

Cell Phone/Tablet

Back

An example of a want for a younger child but possibly a need for a teen with a job? Options: Cell Phone/Tablet, New Game System, or a Spotify Account?

3.

FLASHCARD QUESTION

Front

Allowance

Back

Money a child or teen receives on a regular basis from their parents, possibly for doing chores.

4.

FLASHCARD QUESTION

Front

Wants

Back

Things you would like to have, that would make life better or easier, but are NOT NECESSARY for your survival, well-being, or success.

5.

FLASHCARD QUESTION

Front

Expenses

Back

Anything you have to pay for, such as rent, electricity, gas, phone, and groceries.

6.

FLASHCARD QUESTION

Front

Savings

Back

Money that is not spent but rather set aside for future short- or long-term goals or emergencies.

7.

FLASHCARD QUESTION

Front

Bills

Back

Debts you owe for goods (e.g., food, games, or clothes) or services (e.g., a haircut) that you are expected to pay.

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