Lesson 8 Budget

Lesson 8 Budget

Module 4

Objectives

• Calculate a budget based on income and expenses.

• Discuss how to set budgetary goals and achieve them.

Essential Questions

Discuss the benefits and drawbacks to different forms of saving money.

Warm Up

Budget

Multiple Choice

Which item would most likely require savings?

• soccer ball

• a new refrigerator

• a movie ticket

• a box of cookies

Multiple Choice

What is NOT a reason that people usually save money?

• to buy special things for the future

• to have money for emergencies

• to make a payment on an expensive item

• to buy basic necessities

Multiple Choice

For which item would someone MOST LIKELY need to save money in order to

purchase?

• a new shirt

• a new washing machine

• a hair dryer

• a video game

Multiple Choice

The expenses section of a personal budget

• should be larger than the income section of the budget.

• shows the amount of money that is spent each month.

• includes the amount of interest earned on investments.

• is not important if income is greater than expenses.

Multiple Choice

A budget helps you save money for the things you really want.

• True

• False

Multiple Choice

Income is all the money you earn (make) over a period of time. Usually a month.

• True

• False

Multiple Choice

The goal of a budget is _________________.

• to spend more than you make

• to spend less than you make

Multiple Choice

A budget is ___________.

• a list of what to buy at a store

• a plan for managing your money. It compares how much you earn (make) to how much you spend

• is things you shouldn't do

Multiple Choice

A budget it a helpful tool.

• True

• False

Multiple Choice

When I use my debit card at the store, the money is automatically taken out of my ______ account.

• Savings
• Checking
• Inflation
• Withdraw

Budgeting for teenagers

https://youtu.be/7DMUGGQKmRA

Lesson 8 Budget-Vocabulary

Video Lesson

Lesson 8 Budget

Quiz 8

Multiple Select

Which of the following are fixed expenses? (Check all that apply)

• Entertainment

• Car payment

• Rent

• Food

Multiple Choice

A financial report listing your assets, liabilities, and net worth is called ___.

• a balance sheet

• statement of owner's equity

• statement of net worth

• None of these

Multiple Choice

Saving for retirement is often considered a short term goal.

• True

• False

Multiple Select

Which of the following might be deducted from your gross pay? (Check all that apply)

• Health care

• State tax

• Federal tax

• FICA tax