Budgeting 101

How do wages and salary differ?

• Wages describe what you earn on an annual basis

• Salary describes what you earn on an annual basis

• Wages mean you have a standard amount in each paycheck

• Salaried employees are likely to be paid for overtime

Which of the following is NOT a need?

• Food
• Clothes
• Netflix
• Shelther

Tags

CCSS.L.1.5A

CCSS.L.1.5B

CCSS.L.K.5A

A budget only works if.....

• You are willing to follow it
• if someone else creates it
• your parents give you money 

Why budget?

• prevent debt
• plan for future
• save money
• all of these

The money that you receive for mowing the lawn, babysitting or making good grades is called__________. 

• income 
• credit 
• debt 
• interest 

Which of the following would be considered a short-term savings goal?

• Buying a used car

• Paying for college

• Saving for your retirement

• Saving to buy a birthday gift for your friend

These expenses are the same every month:

• variable expenses

• discretionary expenses

• fixed expenses

• flexible expenses

An example of a fixed expense is 

• Groceries
• Heat for your apartment
• Car payment
• Entertainment

An example of a variable (flexible) expense is

• Car Insurance
• Rent
• Entertainment
• Student loan payment

Flexible expenses stay about the same each month.

• True
• False