Budgeting

Front

What does a budget compare?

Back

Income and Expenses

Front

A vacation is an example of a _________

Back

want

Front

Medical care is an example of a ______

Back

Need

Front

What are needs?

Back

Necessary items that are paid monthly/yearly such as food, housing, transportation, utilities, & Insurance.

Front

What is total monthly income?

Back

Income from all possible sources.

Front

What is the purpose of budgeting?

Back

To plan and control spending to ensure financial stability.

Front

What are fixed expenses?

Back

Expenses that do not change from month to month, such as rent or mortgage.

Front

What are variable expenses?

Back

Expenses that can change from month to month, such as groceries or entertainment.

Front

What is discretionary spending?

Back

Non-essential expenses that can be adjusted or eliminated.

Front

What is the difference between needs and wants?

Back

Needs are essential for survival, while wants are desires that enhance quality of life.