Budget and Credit

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

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.2

CCSS.RL.8.1

CCSS.RL.9-10.2

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

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 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

Which of the following is not considered as income?

• Tips from waitressing job.

• Commission on sale.

• Cash from garage sale.

• Savings from buying promo items.

The first step in creating a budget is _________.

• know your income

• determine fixed expenses

• determine variable expenses

• review periodically

When a person borrows from the bank and receives the cash, he can consider it as an income.

• True

• False