What is Financial Literacy?

All of the following words mean money you make or earn, EXCEPT which word?

• Wage

• Salary

• Income

• Rent

• Paycheck

A fixed expense is one that stays the same from month to month.

• True

• False

Which is a fixed expense?

• Rent

• Food

• Electric Bill

• Entertainment

A variable expense is one that changes from month to month.

• True

• False

Which is a variable expense?

• Rent

• Car Payment

• Food

• Insurance

What is a source of money you make?

• Mortgage

• Rent

• Insurance

• Wage

A personal budget lets you know what expenses and income you have so you can make good financial decisions.

• True

• False

Which is true about a personal budget?

• A budget is not helpful.

• A budget does not need to be done every month.

• A budget helps decide how to spend and save your money.

What is a need?

• An item you would like to have.

• An item you have to have to survive.

What is a want?

• An item you would like to have.

• An item you have to have to survive.