Balanced Budget

Front

What is a balanced budget?

Back

A balanced budget is when a person's income equals their expenses, meaning they do not spend more money than they earn.

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What is a fixed expense?

Back

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

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What is income?

Back

Income is the money earned from work or investments, such as wages from a job or profits from selling goods.

Tags

CCSS.RI.3.5

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

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What are variable expenses?

Back

Variable expenses are costs that can change from month to month, such as groceries or entertainment.

Tags

CCSS.7.NS.A.1C

Front

What is a surplus in budgeting?

Back

A surplus occurs when income exceeds expenses, allowing for savings or extra spending.

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What is a deficit in budgeting?

Back

A deficit occurs when expenses exceed income, leading to borrowing or debt.

Tags

CCSS.6.NS.C.5

Front

How can one avoid being overdrawn at the bank?

Back

To avoid being overdrawn, one can create a budget, track spending, and reduce unnecessary expenses.

Tags

CCSS.RI.4.3

CCSS.RI.4.5

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

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What is the purpose of creating a budget?

Back

The purpose of creating a budget is to plan and manage finances, ensuring that spending does not exceed income.

Front

What is an example of a discretionary expense?

Back

An example of a discretionary expense is spending on entertainment, such as going to the movies or dining out.

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What does it mean to track expenses?

Back

Tracking expenses means keeping a record of all money spent to understand spending habits and manage a budget.

Tags

CCSS.RI.4.5

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5