Budget Information and Vocabulary

What is a budget?

• A list of only your income

• A list of only what you spend money on

• A plan of how you spend your income on expense

How do budgets help us? Why do we use budgets?

• Help us track our spending and where our money is going

• Help to reduce your financial stress and anxiety

• Help us control our spending habits

• All of the above

What is INCOME?

• Money you earn or regularly receive

• Money you spend on things you need and want

• Money you win at a game

What is an EXPENSE?

• Money you earn or regularly receive

• Money you spend on things you need and want

• Money you win at a game

Which of the following is an example of INCOME?

• utilities

• gas

• salary

• rent

Which of the following is an example of an EXPENSE?

• paycheck

• rent

• tips

What are FIXED EXPENSES?

• Expenses that change in cost from month to month

• Expenses that do not change in cost from month to month

• All expenses are fixed expenses

What are VARIABLE EXPENSES?

• Expenses that change in cost from month to month

• Expenses that do not change in cost from month to month

• All expenses are variable expenses

Which of the following is a FIXED EXPENSE?

• gas

• groceries

• rent/mortgage

Which of the following is a VARIABLE EXPENSE?

• electric

• car payment

• insurance