Life Skills

People create and keep a personal budget to help them _____.

• set and reach financial goals

• apply for loan

• buy anything they want

• earn promotions at work

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CCSS.RL.8.1

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CCSS.RI.7.2

For which item would someone most likely need to save money in order to

purchase?

• a washing machine

• a tub of ice cream

• dinner for two

• a pair of socks

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CCSS.6.EE.B.7

Which of the following are considered variable expenses? (You can choose more than one.)

• Magazine subscription

• Electricity

• Insurance coverage

• Clothing

• Recreation and vacation

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Which of the following are considered fixed expenses? (You can choose more than one.)

• Cable subscription

• Electricity

• Insurance coverage

• Rent

• Medical fees

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CCSS.HSF-LE.A.1B

Which of the following are considered WANTs? (You can choose more than one.)

• Concert tickets

• Water

• A new pair of shoes

• Rent

• Medical fees

Which of the following are considered NEEDs? (You can choose more than one.)

• Airpods

• Water

• A new pair of shoes

• Food

• Playstation 5

The following could be considered long-term financial goals, except:

• College tuition fee

• Retirement

• Dinner date for two

• Real estate

Which of the following statements about money is false?

• Money can buy happiness.

• Money is a tool.

• Everyone needs money to purchase goods.

• A penny saved is a penny earned.

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Which of the following people would benefit MOST from a personal budget?

• Tim carefully keeps track of his expenses.

• Sue spends less than she earns.

• David is saving for a major purchase.

• Bob does not have enough money to pay bills.

"Pay yourself first" means to assign a portion of your income for your personal savings.

• True

• False

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