Saving and Spending Flashcard
Flashcard
•
Business
•
10th Grade
•
Practice Problem
•
Easy
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27 questions
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1.
FLASHCARD QUESTION
Front
What is budgeting?
Back
The process of creating a plan to manage and allocate financial resources.
2.
FLASHCARD QUESTION
Front
Why is budgeting important?
Back
Budgeting helps in planning and managing finances effectively.
3.
FLASHCARD QUESTION
Front
What is a savings account?
Back
A type of bank account where you can deposit money and earn interest on the balance.
4.
FLASHCARD QUESTION
Front
What is the purpose of a savings account?
Back
To store money for future use while earning interest on the balance.
5.
FLASHCARD QUESTION
Front
What is the recommended percentage of income to save each month?
Back
20%
6.
FLASHCARD QUESTION
Front
What is an emergency fund?
Back
A savings account specifically set aside for unexpected expenses or emergencies.
7.
FLASHCARD QUESTION
Front
What is the purpose of an emergency fund?
Back
To provide financial security in case of unexpected expenses or emergencies.
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