Review Unit 16

Front

What is a budget?

Back

A budget is a plan that outlines how much money you have and how you plan to spend it.

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What is entertainment in a budget?

Back

Entertainment refers to the money allocated for leisure activities, such as movies, games, or outings.

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What is gross income?

Back

Gross income is the total amount of money earned before any deductions, such as taxes or retirement contributions.

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What is net income?

Back

Net income is the amount of money left after all deductions have been taken from gross income.

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What is a monthly expense?

Back

A monthly expense is a recurring cost that occurs every month, such as rent, groceries, or utilities.

Front

How can you balance a budget?

Back

You can balance a budget by ensuring that your total expenses do not exceed your total income.

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What is sales tax?

Back

Sales tax is a tax added to the price of goods and services, usually calculated as a percentage of the sale price.

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What is the purpose of tracking expenses?

Back

Tracking expenses helps you understand where your money goes and allows you to make informed financial decisions.

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What does it mean to decrease a budget amount?

Back

To decrease a budget amount means to reduce the planned spending in a specific category.

Front

What is the importance of savings in a budget?

Back

Savings are important for future needs, emergencies, and achieving financial goals.