UNIT 5: Budgeting & Expenses

The monetary cost of goods or services that are required to be paid in regular intervals are __________.

Expenses are typically paid in __________ intervals.

​ (a)   are tangible objects. ​ (b)   are when you pay others to do something for you. ​ (c)   is an example of a good. ​ (d)   is an example of a service.

• Goods
• Services
• Clothing
• Landscaping

Match the term to its proper definition.

• fixed

• Expenses that remain the same from month to month.

• variable

• Not necessary for survival/will improve your quality of life

• want

• Essential/necessary for survival

• need

• Expenses that change from month to month.

The money remaining after all of your monthly expenses have been paid is a __________.

• need

• want

• deficit

• surplus

When your expenses are higher than your income, you will be left with a __________.

• need

• want

• deficit

• surplus

Match the term to its proper definition.

• emergency fund

• Money reserved for times of financial hardship. The recommended amount for this fund is three to six months worth of monthly expenses.

• spending habits

• Repeated routines and practices you have around spending money on goods and services.

• budget

• Making purchases without planning or evaluating your current or future financial situations.

• impulse shopping

• A plan that is implemented to provide financial structure when managing your income and expenses.

Organize the expenses into their proper categories.

Groups:

(a) FIXED

,

(b) VARIABLE

• Car payment

• Gas for car

• Groceries

• Rent

• Dining out

• Netflix subscription

• Utilities

• Mortgage

Organize the expenses into their proper categories.

Groups:

(a) NEED

,

(b) WANT

• Utilities

• Groceries

• Rent

• Car payment

• Mortgage

• Dining out

• Streaming subscription

• Gas for car