What is a budget?
Review Unit 16

Flashcard
•
Mathematics
•
5th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
A budget is a plan that outlines how much money you have and how you plan to spend it.
2.
FLASHCARD QUESTION
Front
What is entertainment in a budget?
Back
Entertainment refers to the money allocated for leisure activities, such as movies, games, or outings.
3.
FLASHCARD QUESTION
Front
What is gross income?
Back
Gross income is the total amount of money earned before any deductions, such as taxes or retirement contributions.
4.
FLASHCARD QUESTION
Front
What is net income?
Back
Net income is the amount of money left after all deductions have been taken from gross income.
5.
FLASHCARD QUESTION
Front
What is a monthly expense?
Back
A monthly expense is a recurring cost that occurs every month, such as rent, groceries, or utilities.
6.
FLASHCARD QUESTION
Front
How can you balance a budget?
Back
You can balance a budget by ensuring that your total expenses do not exceed your total income.
7.
FLASHCARD QUESTION
Front
What is sales tax?
Back
Sales tax is a tax added to the price of goods and services, usually calculated as a percentage of the sale price.
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