Budget

A budget is ___________.

• a list of what to buy at a store

• a plan for managing your money. It compares how much you earn (make) to how much you spend

• is things you shouldn't do

A budget _________________________.

• Lets you know how much money you have and where it's going

• lets you know what's for dinner

• is something babies understand

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 is a list of

• income and expenditures

• things to buy

• how much to save

• needs and wants

All of these are "NEEDS" EXCEPT:

• BUS FARE

• MOVIE TICKETS

• RENT

• GROCERIES

Rent and car insurance payments are both which type of expenses?

• fixed costs that are needs

• fixed costs that are wants

• variable costs that are needs

• variable costs that are wants