Personal Budget Flashcard

Front

Which of the following BEST describes income? Money given to a charity that helps others. Money received for completing a chore or task. Money received from a parent to pay for lunch. Money spent on new clothes and shoes for school.

Back

Money received for completing a chore or task.

Front

Which of the following should Alex consider when planning his monthly personal budget?
How much tv he will watch this week.
How many pencils he will trade with another student.
How many books he will read at school.
How much ice cream he will buy at school.

Back

How much ice cream he will buy at school.

Front

What is the difference between an income and an expenditure?

Back

An income is money that is received; an expenditure is money that is spent.

Front

What is the purpose of a budget?

Back

To help people plan their spending and saving decisions

Front

Which of the following is the MOST financially responsible decision? Jamal earned $100 lifeguarding. He spent $5 on lunch and saved the other $95., Tommy got $50 for his birthday from his grandma. He spent $75 on XBox games., Katrina gave away her new bike helmet for free when she could have sold it for $75., Stacy was paid $25 for helping her neighbor in the yard. She spent $20 on a T-shirt and $5 on ice cream at the mall.

Back

Jamal earned $100 lifeguarding. He spent $5 on lunch and saved the other $95.

Front

Which of the following is an expenditure? Buying an ice cream at lunch, Receiving an allowance from your parents, Selling an old game to a friend, Getting paid for helping your neighbor

Back

Buying an ice cream at lunch

Front

Jamar wants to be the richest person in the world. Which of the following should he include in his personal budget now to make this happen? How he plans to save money over a long period of time. How he plans to spend money on himself and others. How he plans to spend all of the money he earns on other people. How he plans to increase his expenditures this coming year.

Back

How he plans to save money over a long period of time.

Front

Which of the following is an example of income?
Options:
Charging a lunch you will pay tomorrow
Earning money for working a job
Trading supplies with a friend.
Buying an ice cream at lunch today

Back

Earning money for working a job

Front

What does it mean to have a balanced budget?

Back

Income is the same or more than expenditures.