Financial Literacy

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What is a budget?

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A budget is a plan that outlines how much money you expect to earn and how much you plan to spend over a certain period.

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What does it mean to have a balanced budget?

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A balanced budget means that your income is equal to your expenses, so you are not spending more than you earn.

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CCSS.6.EE.A.1

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What is gross income?

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Gross income is the total amount of money earned before any deductions or taxes are taken out.

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CCSS.7.RP.A.3

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What is net income?

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Net income is the amount of money you take home after all deductions and taxes have been subtracted from your gross income.

Tags

CCSS.7.RP.A.3

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What is a property tax?

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Property tax is a tax paid by property owners based on the value of their property.

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What is an expense?

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An expense is any cost or payment that you incur, such as rent, food, or entertainment.

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What is income?

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Income is the money that you earn from work, investments, or other sources.

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What is the purpose of savings?

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Savings are money set aside for future use, often for emergencies or specific goals.

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What is the difference between fixed and variable expenses?

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Fixed expenses are costs that do not change from month to month, like rent, while variable expenses can change, like entertainment or groceries.

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What is a financial goal?

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A financial goal is a specific objective related to money, such as saving for a new bike or planning for college.