5.10F Balancing a Budget

Front

What is a 'need'?

Back

A need is something essential for survival, such as food, water, and shelter.

Front

What is a 'want'?

Back

A want is something that is not essential but desired, like video games or designer clothes.

Front

What is a budget?

Back

A budget is a plan that outlines how much money you have and how you will spend it.

Front

What does 'net income' mean?

Back

Net income is the amount of money you take home after taxes and other deductions.

Front

What is a 'debit card'?

Back

A debit card is a payment card that deducts money directly from your checking account.

Front

What is a 'surplus'?

Back

A surplus is when you have more money than you need for your expenses.

Front

What is a 'deficit'?

Back

A deficit is when you spend more money than you have.

Front

Why is it important to revisit your budget?

Back

Revisiting your budget helps you adjust for changes in income or expenses.

Front

What is the purpose of saving money?

Back

Saving money helps you prepare for future expenses and emergencies.

Front

How much can Jordan spend if her net income is $725, car payment is $275, and she saves $75?

Back

Jordan can spend $375.