Wonderopolis: How Can You Use a Budget?

Rohan is planning his monthly expenses. What is a budget?

• A plan for how to spend the money you earn

• A list of things you want to buy

• A way to save money for the future

• A tool to track your expenses

What is the difference between wants and needs?

• Wants are things you need to survive, while needs are things that might be nice to have

• Wants are things you spend money on, while needs are things you earn money for

• Wants are things you can't live without, while needs are things you can live without

• Wants are things you desire, while needs are things you require

How can you increase your income?

• Decrease your expenses

• Save more money

• Get a higher paying job

• Spend less money

What are expenses?

• The things you spend your money on

• The money you receive as a gift

• The money you save

• The things you want to buy

What are needs?

• Things you need to survive

• Things you want but don't need

• Things you can live without

• Things you desire

How can you save money to buy something you want?

• By earning more income

• By spending less money

• By doing chores for neighbors

• All of the above

What is an example of a want?

• Food

• Clothing

• Shelter

• Eating out at a restaurant

What can you do to reach your financial goals faster?

• Increase your income

• Decrease your expenses

• Both A and B

• None of the above

What is the purpose of a budget?

• To track your expenses

• To save money for the future

• To make smart financial decisions

• All of the above

How can you distinguish between wants and needs?

• By asking your parents

• By making a list of your recent purchases

• By following your instincts

• By guessing