Budgeting Concepts

Flashcard
•
Business
•
12th Grade
•
Hard
KHANYA SIGWELA
FREE Resource
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15 questions
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1.
FLASHCARD QUESTION
Front
What is a budget?
Back
A financial plan that outlines income and expenses over a specific period, helping allocate resources effectively.
2.
FLASHCARD QUESTION
Front
Determine your after-tax income
Back
Calculate the total income received after taxes and deductions, known as net income or take-home pay.
3.
FLASHCARD QUESTION
Front
Track and adjust your spending
Back
Monitor expenses regularly to ensure adherence to your budget and adjust allocations as necessary.
4.
FLASHCARD QUESTION
Front
Subscription services
Back
Examples include streaming platforms.
5.
FLASHCARD QUESTION
Front
Budgeting tips
Back
Utilize tools and templates to streamline budgeting processes.
6.
FLASHCARD QUESTION
Front
Variable expenses can include unexpected costs like medical bills.
Back
Planning for these can prevent financial strain.
7.
FLASHCARD QUESTION
Front
Visual representation of income allocation: 50% needs, 30% wants, 20% savings.
Back
Visual representation of income allocation: 50% needs, 30% wants, 20% savings.
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