budgeting(coursework)

Front

What are overdraft fees?

Back

Fees incurred when a customer withdraws more money from an account than what is available in the account.

Front

What does preparing a budget include?

Back

Income, Expenses, Saving.

Front

What is a budget?

Back

A plan for your estimated income, expenses, and savings.

Front

Which of the following is NOT a need: Food, Clothes, Netflix, Shelter?

Back

Netflix.

Front

What are liabilities?

Back

Anything that you might incur an expense for.

Front

What is the purpose of a budget?

Back

To plan and manage your financial resources effectively.

Front

What is gross income?

Back

Total income earned before any deductions or taxes.

Front

What are fixed expenses?

Back

Expenses that do not change from month to month, such as rent or mortgage.

Front

What are variable expenses?

Back

Expenses that can fluctuate each month, such as groceries or entertainment.

Front

What is the difference between needs and wants?

Back

Needs are essential for survival, while wants are non-essential items that enhance quality of life.