Money 101 Unit 2: Budgets

When you break down the money you owe for bills, needs, and wants you are creating a..

• Budget

• Credit

• Paycheck

• Portfolio

The items you have to pay for are also known as

• Invoices

• Savings

• Expenses

• Credits

The two common types of expenses we discussed are..

• Fun Expenses and Boring Expenses

• Business Expenses and School Expenses

• Variable Expenses and Fixed Expenses

• Dinner Expenses and Breakfast Expenses

A fixed expense is an expense that is..

• Consistent

• Inconsistent

• Unexpected

• Optional

A variable expense is..

• The same amount every month

• Different each time

• Money you are receiving from someone else

• Rent

Which of the following is an example of a fixed expense?

• Movie tickets

• Dinner with friends

• V Bucks

• Car Insurance

Which of the following is an example of a variable expense?

• Rent

• Phone Bill

• Groceries

• Electric Bill

If someone gets paid $10/hour and works for 20 hours, how much will they get paid for their work?

• $10

• $20

• $200

• $2

When paying bills, which method will typically make budgeting and spending easier?

• Waiting until each bill's due date to pay it

• Not paying your bills

• Paying your bills immediately upon being paid

• Not having a job

Which of the following is true?

• Things you want to spend money on should take priority over things you need to spend money on

• Wants and Needs should be equal in priority

• Things you need to spend money on should take priority over things you want to spend money on

• You should not budget for things you need or want