Front

The income part of a personal budget

Back

includes all income from various sources.

Front

The expenses section of a personal budget

Back

shows the amount of money that is spent each month.

Front

People keep a personal budget to help them

Back

set and reach financial goals.

Front

Which of the following people would benefit MOST from a personal budget? Tim carefully keeps track of his expenses. Sue spends less than she earns. David is saving for a major purchase. Bob does not have enough money to pay bills.

Back

Bob does not have enough money to pay bills.

Front

For which item would someone MOST LIKELY need to save money in order to purchase? a new shirt, a new washing machine, a hair dryer, a video game

Back

a new washing machine

Front

Which of the following statements about saving money is false? People only save money to build wealth., Bank accounts are very safe., It is easy to withdraw money from your bank account., Most saving accounts pay a small amount of interest.

Back

People only save money to build wealth.

Front

What is NOT a reason that people usually save money? Options: to buy special things for the future, to have money for emergencies, to make a payment on an expensive item, to buy basic necessities

Back

to buy basic necessities

Front

Which item would most likely require savings? Options: soccer ball, a new refrigerator, a movie ticket, a box of cookies

Back

a new refrigerator

Front

I had to give up going out to dinner in order to buy a new shirt. This is an example of

Back

opportunity cost

Front

A budget is a list of

Back

income and expenditures