Budget Review

What is a budget?

• an estimate of income and expenditure for a set period of time

• an amount that has to be paid or spent to buy or obtain something

• the amount of money left over after all the costs of production have been paid

• contribution added to some goods, services, and transactions

What is income?

• Money received from investments, employment, and contributions.

• to use (money) to pay for something

• contribution added to some goods, services, and transactions

• money that is made by or paid to a business or an organization

What is an expense?

• money that is made by or paid to a business or an organization

• to put aside or reserve

• to use (money) to pay for something

• money you spend

What are four ways your income is used?

Answer explanation

Four ways you use your income is taxes, spend, save, donate.

What is a benefit to paying taxes?

• The money goes to a public service

• You have more money now

• Have money for later emergencies

• Helps others

What is a benefit to donating some of your income?

• The money goes to a public service

• You have more money now

• Have money for later emergencies

• Helps others

What is a benefit to spending some of your income?

• The money goes to a public service

• You have something now

• Have money for later emergencies

• Helps others

What is a benefit to saving some of your income?

• The money goes to a public service

• You have something now

• Have money for later emergencies

• Helps others

What is a negative to spending money

• Money is spent

• Less money now

• Little to no choice

• Money goes to a public service

What is a negative to saving money

• Money is spent

• Less money now

• Little to no choice

• Money goes to a public service