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

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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.5.3

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

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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.4.3

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5