Personal Finance

Front

A plan for how to use your income is called a

Back

budget

Front

An amount of money that is SPENT on something

Back

expenditure

Front

The portion of your income not spent is called

Back

savings

Front

The amount of money that is needed to pay for or buy something is called a(n)

Back

expense

Front

Money that is received is called

Back

income

Front

An amount of money owed to someone is called

Back

debt

Front

True or False:

People only save money in order to build wealth.

Back

False

Front

What is NOT a reason that people usually save money? Options: to buy basic necessities, to buy special items in the future, to make a down payment on an expensive payment like a house, to have an emergency fund

Back

to buy basic necessities

Front

Which of the following items would someone MOST LIKELY need to save money in order to purchase? a sweater, a trip to Paris, going out to eat at Chili's, shampoo and conditioner

Back

a trip to Paris

Front

________ are the main elements of a personal budget

Back

income, expenditures, and savings