Budget Lesson

Budget

◦ A budget is a plan that you create to

see how much money you are spending.

◦ What are some types of bills that you

will need to budget for?

◦ Ex: Jayden is creating a budget to save

to buy a new car. If he wants to save
more money, he needs to spend less on something else.

◦ What are some things you could spend

less money on?

Multiple Choice

What is a budget?

• A plan to see how much money you spend.

• A plan to see how much money you make in 1 year.

• A plan to see what your parents make in 1 year.

Multiple Choice

Why is having a budget a good idea?

• To see how much money you earn for 1 year of work.

• To make sure you have enough money to pay for things.

• To make sure your parents can pay for you.

Salary & Income

◦ Salary is how much money you make from your job.

◦ Income is another word for how much money you

make.

◦ You may get paid either 2 times a month (biweekly) or

1 time every month (monthly).

◦ You will see your salary on your paycheck.

This Photo by Unknown Author is licensed under CC

BY-SA-NC

Multiple Choice

What is a salary?

• How much money you spend in 1 year.

• How much money you earn for your job.

• How to save money.

Multiple Choice

True or False?

The words Salary and Income can mean the same thing.

• True

• False

Bank

Account

◦ A bank account is a safe place with an

established bank, where you can save your money.

◦ At a bank, you can deposit money, (put

money in the bank).

◦ At a bank, you can withdrawl money,

(take money out of the bank).

◦ What happens if you take too much

money out of our bank account?

This Photo by Unknown Author is licensed
under CC BY

Multiple Choice

True or False?

A bank account is a place where you can save and take out money.

• True

• False

Debt

◦ Debt is when you owe money for something.

◦ You must pay off the debt, otherwise it continues

to get bigger.

Multiple Choice

What happens when you have debt?

• You have too much money.

• You make money.

• You owe money for something.

Multiple Select

Click all the examples of Debt

• Credit Card Debt

• Car Debt

• House Debt

• College Debt

  (Student Loans)

Taxes

◦ Tax is money you pay to the

government.

◦ Different types of taxes:

◦ Income Tax

◦ State Tax

◦ Property Tax

◦ Sales Tax

◦ Everyone must pay taxes, or you can

go to jail.

This Photo by Unknown Author is licensed under CC BY

Multiple Choice

What are taxes?

• Money that you pay to your parents.

• Money that you pay to the government.

• Money you pay to your teachers.

Credit Cards & Debit
Cards

◦ Credit Cards and Debit Cards are different.

◦ Debit Cards only use money that is in your bank

account.

◦ $150 dollars in your bank account, that’s all you can

spend.

◦ Are usually used to not overspend.

◦ Credit Cards have a limit that you can spend up

to. But you must pay it back. If you do not pay it
soon enough, you will get a fee (interest).

◦ $5,000 limit, but whatever you buy, you must pay it

back.

◦ Are usually for big purchases. Buy now, pay it back

later.

Multiple Choice

True or False?

Credit and Debit Cards are the same thing.

• True

• False

Multiple Choice

Which card is connected to your bank account?

• Credit Card

• Debit Card

Multiple Choice

Which card gives you more money to spend on "loan" that you must pay back?

• Credit

• Debit

Poll

How do you feel about these vocabulary words?

• I know them all very well.

• I know them, but I want more practice.

• I don't know them very well and need more practice.