Personal Budgeting

Front

What is a variable expense?

Back

A variable expense is a cost that does not occur regularly and can fluctuate in amount, such as entertainment or dining out.

Tags

CCSS.7.NS.A.1C

Front

What is deducted from a person's gross income and paid to the Government?

Back

Income Tax is deducted from a person's gross income and paid to the Government.

Front

What is gross income?

Back

Gross income is the total income earned by an individual before any deductions, such as taxes or retirement contributions.

Tags

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

CCSS.RI.8.5

Front

What is the difference between fixed and variable expenses?

Back

Fixed expenses are regular, consistent costs that do not change, while variable expenses can fluctuate and are not incurred regularly.

Front

What are wages?

Back

Wages are earnings paid to an employee based on an hourly rate.

Front

What is a budget?

Back

A budget is a financial plan that outlines expected income and expenses over a specific period.

Front

Why is it important to track expenses?

Back

Tracking expenses helps individuals understand their spending habits, identify areas for savings, and ensure they stay within their budget.

Front

What is net income?

Back

Net income is the amount of money an individual has left after all deductions, including taxes and other expenses, have been subtracted from gross income.

Tags

CCSS.7.RP.A.3

Front

What is the purpose of a personal budget?

Back

The purpose of a personal budget is to manage finances effectively, allocate resources, and achieve financial goals.

Front

What are some common examples of fixed expenses?

Back

Common examples of fixed expenses include rent or mortgage payments, insurance premiums, and loan payments.