4th Grade: Unit 1 Personal Finance

Front

What is income in a personal budget?

Back

Money earned from a job.

Front

Which of the following expenditures should Alex plan for in his budget?

• How much tv he will watch this week.
• How many books he will read at school.
• How much ice cream he will buy at school.
• How many pencils he will trade with another student.

Back

How much ice cream he will buy at school.

Front

Which of the following is an expenditure in a personal budget? buying a new shirt for school, selling an old game to a friend, getting paid for helping your neighbor, receiving an allowance from your parents

Back

buying a new shirt for school

Front

What is the purpose of a personal budget?

Back

to help people plan their spending and saving decisions

Front

What does it mean to save money?

Back

put money aside for later

Front

What does it mean to donate money?

Back

give money away to help others

Front

What would $20 received as a birthday gift be called in a personal budget?

Back

income

Front

In a personal budget, income should always be greater than _____________.

Back

expenses

Front

What does it mean to have a balanced budget?

Back

income is the same or more than expenditures

Front

Why is it important to prepare and follow a budget?

Back

A budget helps people make responsible economic decisions.