Georgia Studies Unit 1

Front

Why is income important in personal financial management?

Back

It is the starting point and determines how much a person has available to spend.

Front

What is a budget?

Back

A plan for spending and saving money

Front

A person's _____ is how much money they have coming in?

Back

Income

Front

The amount of money a person spends each month is know as their

Back

Expenditures

Front

Why is income the starting point of personal financial management?

Back

People need income to buy the things they want and need.

Front

If a person has _______ they will have less stress and a sense of financial security.

Back

Savings

Front

Which statements accurately describe the reasons for and benefits of a budget?

Back

It helps people track their income and expenditures and save money which provides a flexibility and financial security.

Front

What are reasons for savings?

Back

To help you plan for retirement and to cover emergency expenses.

Front

What are the risks of debt?

Back

A person could lose the item associated with the debt, such as a house.

Front

Which body of water borders Georgia?

Back

Atlantic Ocean