Economics Review

How does a budget help you get things you want?

• by spending more

• a budget helps us plan ahead and save money for things we want after buying things that we need.

• by going to debt

Check all that apply about credit and debt

• credit typically comes with a payment plan

• credit is a way to borrow money

• banks offering credit make money by charging interest

• no of the above is true

It is better if your income exceeds your expenses.

• True

• False

What should you include when creating a personal budget?

• snacks

• all of your income and all of your expenses

• only expenses

Debt is

• money owed to someone else

• money given to someone in business

• money that you withdraw from the bank

Which of these is not one of the four sectors of our economy?

• household

• government

• schools

• business

• banking

How are parents most likely able to provide food for their family?

• using natural resources

• working and using income to buy it

• trading with neighbors for food

• growing apples in an orchard