Exit Ticket FA-4.1: Budgeting for Teens

First Name

Last Name

Class Period

Which statement best summarizes how income and expenses are used in a budget?

• Each income line has one expense line attached to it in a budget
• The total income plus the total expenses forms the budget
• The total income minus the total expenses forms the budget
• Income and expenses mean basically the same thing in a budget

Tonya and Tonio are twins, and they have 3 older siblings too. Which statement best classifies needs versus wants in their family?

• Everyone in this family likely has different needs and wants
• Everyone in the family has different needs but the same wants
• Everyone in the family has the exact same needs and wants
• Actually, everyone on the planet has the same needs and wants

If you work in the gig economy and have uneven earnings throughout the year, which option is best for managing your budget?

• Only pay your bills in months where you’ve earned above your typical amount
• Each month, invest your earnings in the stock market to try to double your money
• On months where you earn more than average, save the extra rather than spending it
• Be sure you spend the exact same amount every month, regardless of how much income you had