Balance Budget

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What is an example of an income?

Back

Mowing the lawn for money is an example of income.

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What are expenses?

Back

Expenses are the money that you spend.

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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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What do you call money that you spend?

Back

Money that you spend is called an expense.

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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.

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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).