Elements of a Personal Budget

It's your birthday! Your grandparents gave you $25 to buy something you want. Is this considered income or an expense?

• expense

• opportunity cost

• income

• need

The goal of a budget is to _____.

• spend more than you make.

• spend less than you make.

• create a list of things you want to buy.

• donate to a charity.

Money set aside to use in the future is called _________.

• income

• expenses

• benefits

• savings

You sold your bike to a friend for $100. What is this called?

• budget

• income

• expense

• opportunity cost

You are really hungry today. You went through the Wendy's and bought $12.95 worth of food. This is an example of what?

• a want

• an opportunity cost

• income

• expense

You did yard work all summer for your neighbors and earned $300. You want to be a large screen TV for your basement. Instead you bought a new lawn mower. What is the opportunity cost of your decision?

• Lawn Mower

• Large Screen TV

What is money spent to buy something?

• expenditure

• income

• opportunity cost

• benefit

Ms. Slodysko paid her sons paid $10 each to clean out their garage. What is this money called for the boys?

• expenditure

• benefit

• cost

• income

Food, water, and basic clothing are considered a _______.

• need

• want

The new XBOX game controller is out in stores. This item is considered a _______.

• need

• want