S2 Importance of budgeting

What do we call a plan for how you will use any future income (money)?

• A bank

• A budget

• Savings

• Needs

If you make £10.00/hour and work 20 hours, how much will you make?

• £10.00

• £0.20

• £220.00

• £200.00

What are the benefits of using a budget? (Select all correct answers)

• You can see if you are overspending

• You can predict the future

• You can identify if you have extra cash

• You can plan ahead

Being careful with how you spend money is being

• A spendthrift

• Extravagant

• Financially Responsible

• Ridiculous

To give money to an organisation or person in need is to

• Earn

• Save

• Spend

• Donate

To put money away for something in the future is to

• Earn

• Save

• Spend

• Donate

To get money by working is to

• Earn

• Save

• Spend

• Donate

Money taken out of your wages before you get it, and given to the government is called

• Income

• Savings

• Taxes

• Spending

Bank statements show . . .

• Money coming in and out of your account

• Taxes you have paid

• Only money that goes in to your account

• Your employers address

The document we receive after making a purchase in a store is called a

• Bank Statement

• Bill

• Payslip

• Receipt