Balancing Your Budget Flashcard

Front

What should you do if your expenses are greater than your income?

Back

Increase your income or decrease your expenses.

Front

What is an example of a fixed expense?

Back

Monthly rent.

Front

What is the first step in creating a budget?

Back

List your income and expenses.

Front

What is a benefit of having a budget?

Back

It helps you manage your money wisely.

Front

What is a Budget?

Back

A plan for your money.

Front

What is an expense?

Back

Money that you spend.

Front

What is income?

Back

Money that you earn.

Front

What does it mean to balance a budget?

Back

Ensuring that your income equals your expenses.

Front

What is a variable expense?

Back

An expense that can change from month to month.

Front

Give an example of a variable expense.

Back

Groceries or entertainment.