Envelope Budgeting for Teens

Envelope Budgeting for Teens

Assessment

Flashcard

Mathematics

11th Grade

Hard

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15 questions

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1.

FLASHCARD QUESTION

Front

What is envelope budgeting?

Back

A budgeting method where cash is divided into envelopes for different spending categories.

2.

FLASHCARD QUESTION

Front

How should you handle variable expenses in envelope budgeting?

Back

Overestimate the amount.

3.

FLASHCARD QUESTION

Front

What is the 50-30-20 rule?

Back

A budgeting guideline that suggests allocating 50% of income to needs, 30% to wants, and 20% to savings.

4.

FLASHCARD QUESTION

Front

What percentage of income should be saved according to the 50-30-20 rule?

Back

20%.

5.

FLASHCARD QUESTION

Front

What is a budget?

Back

A plan for how money will be used.

6.

FLASHCARD QUESTION

Front

What is a fixed expense?

Back

An expense that does not change from month to month, such as rent.

7.

FLASHCARD QUESTION

Front

What is a variable expense?

Back

An expense that can change from month to month, such as groceries.

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