Budgeting

Income is all the money you earn (make) over a period of time. Usually a month.

• True

• False

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

There are two types of expenses. They are ____________ and _______________. Choose two.

• Fixed Expenses

• Impulse expenses

• Flexible Expenses

• Deductions

All of these are "NEEDS" EXCEPT:

• HOUSING

• 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

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.

For which item would someone MOST LIKELY need to save money in order to

purchase?

• a new shirt

• a new washing machine

• a hair dryer

• a video game

Daycare can be very expensive! My friend pays $972 every month for her 3 year old daughter.  This is considered a

• Fixed Expense

• Flexible Expense

• Discretionary Expense

• Income

An 8th grader makes and sells earrings as a way to earn extra money. The money she gets is considered _______.

• Needs
• Wants
• Income
• Expenses

Your pay BEFORE deductions

• Gross

• Net

• Income

• paycheck