Personal Finance Review

You mow neighbor’s lawn

• Income

• Expense

You get allowance

• Income

• Expense

You go to the movies

• Income

• Expense

You get a present for friend’s birthday

• Income

• Expense

Savings is...

• Money you have spent.

• Your allowance.

• All the money you have saved.

• Using coupons.

Mia wants a new phone, but she needs a new notebook for class. What should she do?

• Buy the notebook and put away money for the phone.

• Buy the phone and put away money for the notebook.

• Buy the notebook and tell Moby to buy her the phone.

• Buy the phone and use Moby's notebook for a while.

What is a budget?

• a group that helps the community

• a safe place where people keep money

• a center where you can donate things

• a plan for spending and saving money

Which is good advice for saving and spending money?

• Spend all of your allowance as soon as you earn it.

• Use a budget to plan how much money you can save.

• Try to buy things that you want before the things that you need.

• Buy things you use only once, and then throw them out.

A store sells you a new book for $8.00. A used bookstore sells it for $5.00. How much would you save if you bought the used book?

• $8.00

• $6.00

• $4.00

• $3.00

The goal of a budget is to SAVE more than you SPEND.

• True

• False