Budgeting

Which of these is not a source of Income?

• Allowance

• Salary

• Interest

• Savings

Which of these are not expenses?

• Wages

• Gifts

• Things we need

• Things we want

What can help you buy your future wants and needs?

• Impulse buying

• Expenses

• Overspending

• Savings

A budget helps you to

• buy everything you want

• balance your income with your expenses

• overspend

• earn more money

Which of these is not a reason to budget?

• To put you in control of your money.

• To determine how much money you have to spend.

• To increase your income.

• To decrease your impulse spending.

A budget can be made by:

• Keeping a diary of your expenses

• Copying your friend's budget

• Deciding what to buy when you go to the store.

• Checking how much money is in your pocket.

Which one of these is a responsible spending practice?

• Spending more money than I have planned.

• Buying an item that I like, even if I do not need it.

• Buying an item that is included in my budget.

• Always shopping at the most expensive stores.

Which one of these is not part of a personal budget?

• Savings

• Giving to a church or charity

• Overspending

• Income

An example of a fixed expense is:

• clothing

• car insurance

• food

• educational expenses (paper, pencil,books, etc)

An example of a flexible (Variable) expense is:

• Rent

• car payment

• home insurance

• entertainment