Budgeting Flashcard

Front

Why is it important to be able to decide if an item is a NEED or a WANT?

Back

When you budget, you should make sure all your needs are met first, then you can decide to spend on wants

Front

How will Katie split her budget using the 50/30/20 rule?

Back

50% needs, 30% wants, 20% savings

Front

How much money has this employee paid in deductions during this pay period? Options: $692.24, $50.00, $0, $15,921.52

Back

$692.24

Front

Why does creating a budget make you feel powerful?

Back

A budget puts you in control of your spending and saving, so you make good decisions and feel more confident.

Front

The two main portions of a budget are...

Back

the money coming in (income) and the money you're spending (expenses)

Front

Marshawn is trying to determine if an item at the mall is a NEED or a WANT. Which question will be most helpful? Options: Will my teachers be excited if I buy this item, or will they be disappointed? Will something bad happen if I don't have this item? Do any of my friends have this item? How happy will this item make me?

Back

Will something bad happen if I don't have this item?

Front

Which item does not belong in the 'Monthly Bills' category for James' budget? Options: Clothing, Cell phone plan, Rent, Renters insurance.

Back

Clothing

Front

Which one represents a personal expense instead of a service provided by the federal government using taxpayer money? Options: Military protection, Auto insurance, NASA space program, Medicare and Medicaid

Back

Auto insurance

Front

How much money has this employee earned in gross pay this pay period? Options: $46,000.00, $1,307.76, $2,000.00, $30,078.48

Back

$2,000.00

Front

In which situation could unlimited data be a NEED for Kevin?

Back

He has an hour-long bus ride each direction to and from school, and he needs that time to complete homework and submit it all online.