Let's Review

A budget it a helpful tool.

• True

• False

The goal of a budget is _________________.

• to spend more than you make

• to spend less than you make

When you want something you should ALWAYS get it.

• True

• False

Income is all the money you earn (make) over a period of time. Usually a month.

• True

• False

The income of an adult is the money they get for working. The income of a child could be ____________. Check all that apply.

• an allowance (money your parents give you weekly or for chores)

• the money your friends or family give you as gifts

• fake monopoly money (toy)

There are two types of expenses. They are ____________ and _______________. Choose two.

• Essential Expenses (things that you need)

• iReady expenses

• Non-Essential Expenses (things you don't need but spend money on anyways)

A budget helps you save money for the things you really want.

• True

• False

The expenses section of a personal budget

• should be larger than the income section of the budget.

• shows the amount of money that is spent each month.

• includes the amount of interest earned on investments.

• is not important if income is greater than expenses.

People keep a personal budget to help them

• set and reach financial goals.

• earn promotions at work.

• buy with credit.

• buy anything they want.

Which item would most likely require savings?

• soccer ball

• a new refrigerator

• a movie ticket

• a box of cookies