Budget Review

What is the purpose of a personal budget?

• Make a plan to organize and manage your money

• Figure out how much you have saved for emergencies

• Guarantee you earn more

• List all of your investments

What is an example of a flexible (variable) expense?

• Rent payment

• Property tax

• Groceries

• Insurance

What kind of expense is a rent payment?

• Flexible expense

• Unfixed expense

• Fixed expense

• Preliminary expense

Disposable income is

• Endless money at your disposal

• Your income minus your taxes & expenses

• Your income divided by your expenses

• Money you put toward an emergency fund

What is the first step to creating a monthly budget?

• Determine your average monthly income and expenses

• Invest extra funds

• Divide your income by your expenses

• Open a new checking account

What is debt?

• Extra money you have after you have paid your bills

• An impending feeling of doom

• Money that you have borrowed and have to pay back

• An expense that changes every month

What is a fixed expense?

• An expense that changes every month

• An expense related to home improvement

• Income from a job

• An expense that stays the same every month

What is a flexible expense?

• An expense that changes every month

• An expense related to home improvement

• Income from a job

• An expense that stays the same every month

What is a deposit?

• Taking money out of your bank account

• Putting money into your bank account

• A withdrawal

• Yes

What is a withdrawal?

• No

• A withdrawal

• Putting money into your bank account

• Taking money out of your bank account