Lesson Plan: Types of Expenses

Front

A budget is:

Back

a plan for saving and spending money

Front

Budgets are important because they help in: Tracking expenses and income, Increasing expenses, Ignoring financial goals, Spending without limits

Back

Tracking expenses and income

Front

What are the three variables to consider when creating a budget? Options: Income, Savings, Time; Income, Expenses, Time; Income, Investments, Time; Income, Debts, Time

Back

Income, Expenses, Time

Front

Define 'Income' as it relates to budgeting.

Back

Income is how much money you earn.

Front

What can happen to your money if you spend it without putting any thought into how much you're spending, where you're spending, or how often you're spending?

Back

You may run out of money quickly.

Front

All the things that a person spends money on are called __________________________.

Back

expenses

Front

List the three types of expenses: A. __________________________ B. __________________________ C. __________________________

Back

Fixed, Variable, Periodic

Front

This type of expense is one you can expect to pay each month. The cost of these items may vary slightly but are generally predictable.

Back

fixed expenses

Front

Give an example of a periodic expense.

Back

Cost of books for a semester.

Front

This type of expense is one that we pay annually (once a year), quarterly (once every 3 months), or occurs at unexpected times.

Back

periodic expenses