Basic Budgeting Terms

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What is a budget?

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A budget is the money that a person has and a plan of how it will be spent over a period of time

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What are expenses?

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Expenses are the moneys that you spend on household bills, rent etc.

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What is debt?

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Debt is the amount of money that somebody owes

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What is income?

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Income is the money that a person earns from work, from investing money, from business, etc.

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What are coins?

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Coins are small, flat, round pieces of metal used as money.

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What are notes?

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Notes, also known as banknotes, are paper money

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What does it mean to be rich?

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Being rich means having a lot of money

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What does it mean to be poor?

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Being poor means having very little money; not having enough money for basic needs

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surplus

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an amount that is extra or more than you need

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deficit

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the amount of money spent is greater than money earned