Finance Fun: Money Matters Flashcard!

Front

Which of the following is the best definition of "budget"? A magical spell that makes money appear in your wallet, A plan for managing your income and expenses, A type of sandwich you eat when you’re broke, The name of a famous rapper

Back

A plan for managing your income and expenses

Front

What does the term "income" refer to in personal finance?

Back

The money you receive, usually from work or investments

Front

Which of the following is considered a fixed expense? Monthly rent payment, Buying a new video game, Eating out at a restaurant, Impulse shopping for socks with cats on them

Back

Monthly rent payment

Front

What is the main purpose of a savings account?

Back

To keep your money safe and earn interest.

Front

Which of the following is NOT a form of income? Allowance from parents, Birthday gifts in cash, Wages from a part-time job

Back

Paying your friend back for lunch

Front

If you want to save $200 in 4 months, how much should you save each month?

Back

$50

Front

Which of the following best describes a "variable expense"? Options: An expense that never changes, like your rent; An expense that can change from month to month, like groceries; An expense that only happens on leap years; An expense that is paid by your pet hamster.

Back

An expense that can change from month to month, like groceries

Front

If you earn $300 a month and your monthly expenses are $250, what is your net savings for the month?

Back

$50

Front

Which of the following is a good strategy for sticking to a budget?
Spend all your money on the first day of the month,
Track your expenses and adjust as needed,
Ignore your bank statements and hope for the best,
Only use Monopoly money

Back

Track your expenses and adjust as needed

Front

If you want to buy a $600 laptop in 6 months, what is the minimum amount you should save each month?

Back

$100