Personal Budget Flashcard

Front

Which of the following is income in a personal budget? Money used to fix a car. Money spent on clothes. Money earned from a job. Money given away to the animal shelter.

Back

Money earned from a job.

Front

Which of the following expenditures should Alex plan for in his budget? How much tv he will watch this week. How many books he will read at school. How much ice cream he will buy at school. How many pencils he will trade with another student.

Back

How much ice cream he will buy at school.

Front

Which of the following is an expenditure in a personal budget?
Options: buying a new shirt for school, selling an old game to a friend, getting paid for helping your neighbor, receiving an allowance from your parents

Back

buying a new shirt for school

Front

What is the purpose of a personal budget?

Back

to help people plan their spending and saving decisions

Front

What does it mean to save money?

Back

put money aside for later

Front

What does it mean to donate money?

Back

give money away to help others

Front

You got $20 for your birthday. What would that be called in your personal budget?

Back

income

Front

In a personal budget, your income should always be greater than your __________.

Back

expenses

Front

What does it mean to have a balanced budget?

Back

income is the same or more than expenditures

Front

Why is it important to prepare and follow a budget?

Back

A budget helps people make responsible economic decisions.