Budgeting

Front

What is a deposit?

Back

A deposit is money placed into a bank account, typically from a paycheck or other income.

Front

What type of expense is car insurance?

Back

Car insurance is a fixed expense, meaning it does not change from month to month.

Front

What is a want in budgeting?

Back

A want is an expense that can be cut from your budget to save money, as it is not essential for basic living.

Front

How do you calculate the cost to fill a car with gas?

Back

Multiply the number of gallons the car holds by the price per gallon.

Front

If you save $35 a month, how much will you have saved in 15 months?

Back

You will have saved $525 (35 x 15 = 525).

Front

What is a budget?

Back

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

Front

What is the difference between fixed and variable expenses?

Back

Fixed expenses remain the same each month, while variable expenses can change.

Front

What is an example of a fixed expense?

Back

Examples of fixed expenses include rent, mortgage payments, and insurance premiums.

Front

What is an example of a variable expense?

Back

Examples of variable expenses include groceries, entertainment, and utility bills.

Front

What does it mean to cut an expense from your budget?

Back

Cutting an expense means eliminating or reducing spending on a non-essential item.