Family Budget

Front

What is a good reason to save money?

Back

To have money put aside for emergencies, for future purchases, and to buy things.

Front

What is the term for money that is earned through a job?

Back

Income

Front

If Sonya works 160 hours in one month, what is her average hourly wage to meet the budget of $3250?

Back

$20.31

Front

If Mr. Jones works 130 hours and Mrs. Jones works 160 hours in one month, what is their average hourly wage to meet the budget of $3760?

Back

$12.97

Front

What does it mean if a budget is balanced?

Back

A budget is balanced when expenses equal income.

Front

What is a surplus in budgeting?

Back

A surplus occurs when income exceeds expenses.

Front

What is an expense?

Back

An expense is money spent on goods and services.

Front

What is the purpose of a family budget?

Back

To plan and track income and expenses to manage finances effectively.

Front

What is the difference between fixed and variable expenses?

Back

Fixed expenses remain constant each month, while variable expenses can change.

Front

How can saving money benefit a family?

Back

It provides financial security for emergencies and future needs.