50% Needs, 30% Wants, 20% Savings
Budgeting Basics Vocabulary Review

Flashcard
•
Financial Education
•
7th Grade
•
Hard
Terese Nelson
FREE Resource
Student preview

15 questions
Show all answers
1.
FLASHCARD QUESTION
Front
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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