Financial Literacy

Front

What is a budget?

Back

A budget is a plan that outlines how much money you have and how you will spend it.

Tags

CCSS.RI.4.3

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

Front

Why is it important to balance a budget?

Back

Balancing a budget helps ensure that you do not spend more money than you have, preventing debt.

Front

What does net pay mean?

Back

Net pay is the amount of money you take home after all deductions, such as taxes, are taken out of your gross pay.

Tags

CCSS.L.2.4E

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

Front

What are fixed expenses?

Back

Fixed expenses are costs that do not change from month to month, such as rent or insurance.

Front

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

How can you increase your savings?

Back

You can increase your savings by reducing your expenses or increasing your income.

Front

What is an allowance?

Back

An allowance is a set amount of money given regularly, often by parents to children, to manage their spending.

Tags

CCSS.RI.3.5

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

Front

What does it mean to decrease expenses?

Back

Decreasing expenses means spending less money on certain items or activities.

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

Front

What is the purpose of saving money?

Back

The purpose of saving money is to set aside funds for future needs or emergencies.

Tags

CCSS.RI.4.3

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

Front

How can you balance your budget if you have a shortfall?

Back

You can balance your budget by either increasing your income or decreasing your expenses.

Tags

CCSS.6.NS.B.3