Budget Life Skills

When you get money, what is it called?

• Income

• Expenses

• Budget

• Debt

A fixed expense is?

• An expense that changes from month to month

• An expense that is a want and not a need

• An expense that does not change from month to month

• An expense that is a need and not a want

What is a budget used for?

• To track your income and expenses

• To track your wants and needs

• To track how much money to save

• To track your credit card debt

What is a flexible expense?

• AN expense that does not change from month to month

• An expense that changes from month to month

• An expense that is a need and not a want

• An expense that is a want and not a need

What is a discretionary expense?

• An expense that does not change from month to month

• An expense that changes from month to month

• An expense that is a need and not a want

• An expense that is a want and not a need.

A budget is a good way to help track the amount of money you can save?

• True

• False

A balanced budget is?

• A budget that the income equals the expenses

• A budget that the income is greater than the expenses

• A budget that the income is less than the expenses

• A budget that the savings increases from month to month.

Housing is a type of...

• Income

• Fixed expense

• Flexible expense

• Discretionary expense

Groceries is a type of....

• Income

• Fixed expense

• Flexible expense

• Discretionary expense

Salary is a type of...

• Income

• Fixed expense

• Flexible expense

• Discretionary expense