Balance Budget

Front

What is an example of an income?

Back

Mowing the lawn for money is an example of income.

Front

What are expenses?

Back

Expenses are the money that you spend.

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Front

What is a balanced budget?

Back

A balanced budget is when your income equals your expenses, resulting in a total of $0.

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Front

What do you call money that you spend?

Back

Money that you spend is called an expense.

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Front

What is income?

Back

Income is the money that you earn.

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Front

If Penelope earns $450 each month, what can she do to balance her budget?

Back

She can decrease her budgeted amount for entertainment by $20.

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Front

What is the purpose of a budget?

Back

A budget helps you plan how to spend and save your money.

Front

What happens if your expenses are greater than your income?

Back

If your expenses are greater than your income, you will have a deficit.

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What is a savings goal?

Back

A savings goal is a specific amount of money you want to save for a particular purpose.

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Front

What is the difference between fixed and variable expenses?

Back

Fixed expenses are the same every month (like rent), while variable expenses can change (like groceries).