Personal Finance

A plan for how to use your income is called a

• income

• expenditure

• budget

• debt

An amount of money that is SPENT on something

• expenditure

• personal budget

• debt

• savings

The portion of your income not spent is called

• savings

• spending

• debt

• personal budget

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

• saving

• expense

• debt

• income

Money that is received is called

• spending

• saving

• debt

• income

An amount of money owed to someone is called

• debt

• income

• spending

• expenditure

True or False:

People only save money in order to build wealth.

• True

• False

What is NOT a reason that people usually save money?

• 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

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

________ are the main elements of a personal budget

• income, businesses, and housing

• income, expenditures, and savings

• income, housing, and expenditures

• income, debt, and housing