Budgets - Year 7

Explain what a budget is

On a budget, money that is earned is called

• Expenses

• Payments

• Income

• receipts

When a person spends money, this is reported as

• Income

• Payment

• Balance

• Cash Budget

If you earn $10 a week, how much money would you earn each month?

• $40

• $10

• $20

• $30

If your employer pays you wages, do you record this as Income or Payments on your budget?

• Payments

• Income

If you spend $20 a month on Netflix, you would record this on your budget as a

• Income

• Balance

• Payment

• Cash Budget

A report which shows the Income, Payments and Cash Balance for a period of time is called a

• Payment

• Cash Budget

• Income

• Cash Balance

How do you calculate the Cash Balance of a Budget?

• Payments + Income

• Payments - Income

• Income + Payments

• Income - Payments

If Caleb earns $100 each week, how much money does he earn earn month?

• $100

• $200

• $300

• $400

True or False. A good budget will always have more Income than payments

• True

• False