Budgeting
Flashcard
•
Mathematics
•
9th - 12th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What is a Fixed Expense?
Back
A fixed expense is a cost that does not change from month to month, such as rent or car payments.
2.
FLASHCARD QUESTION
Front
What is a Variable Expense?
Back
A variable expense is a cost that can change depending on usage or consumption, such as groceries or entertainment.
3.
FLASHCARD QUESTION
Front
What is a Flexible Expense?
Back
A flexible expense is a type of variable expense that can be adjusted or eliminated, such as dining out or vacations.
4.
FLASHCARD QUESTION
Front
What is a Need?
Back
A need is something essential for survival, such as food, shelter, and clothing.
5.
FLASHCARD QUESTION
Front
What is a Want?
Back
A want is something that is not essential for survival but is desired, such as luxury items or vacations.
6.
FLASHCARD QUESTION
Front
What is a Budget?
Back
A budget is a plan that outlines expected income and expenses over a specific period.
7.
FLASHCARD QUESTION
Front
What is the purpose of budgeting?
Back
The purpose of budgeting is to manage finances effectively, ensuring that income covers expenses and savings goals are met.
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