Make & Balance Budgets

Front

What is a budget?

Back

A budget is a plan that outlines how much money you expect to earn and how much you plan to spend over a certain period.

Front

Why is it important to balance a budget?

Back

Balancing a budget is important to ensure that you do not spend more money than you earn, which helps avoid debt.

Tags

CCSS.7.RP.A.3

Front

What does it mean to overspend?

Back

Overspending means spending more money than you have budgeted or earned.

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

Front

What is income?

Back

Income is the money you receive, usually from work or investments.

Front

What is an expense?

Back

An expense is any money that you spend.

Tags

CCSS.RI.3.5

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

Front

How can you track your spending?

Back

You can track your spending by keeping a record of all your expenses, such as using a notebook or a budgeting app.

Front

What is a financial record?

Back

A financial record is a detailed account of all income and expenses over a specific time period.

Front

What is a fixed expense?

Back

A fixed expense is a cost that does not change from month to month, such as rent or a subscription.

Front

What is a variable expense?

Back

A variable expense is a cost that can change from month to month, such as groceries or entertainment.

Front

What does it mean to save money?

Back

Saving money means setting aside a portion of your income for future use instead of spending it all.

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4