1. Money and Budgeting Basics

What is an expense?

• An expense is a profit made from sales.

• An expense is a form of investment.

• An expense is a cost incurred in the process of generating revenue.

• An expense is a type of income.

Which of these is a type of expense?

• Rent

• Salary

• Utilities

• Groceries

If you have $10 and spend $3, how much do you have left?

• $6

• $5

• $7

• $10

What do you call money that you earn?

• Income

• Expense

• Debt

• Savings

If you buy a toy for $5 and a book for $2, how much did you spend?

• $5

• $3

• $10

• $7

What is a budget?

• A budget is a type of investment strategy.

• A budget is a method for calculating taxes.

• A budget is a document for tracking employee performance.

• A budget is a financial plan for managing income and expenses.

If you save $2 every week, how much will you have in 4 weeks?

• $8

• $4

• $10

• $6

Which is a fixed expense?

• Car insurance

• Rent or mortgage payment

• Groceries

• Utility bills

If you have $20 and you buy snacks for $7, how much do you have now?

• $5

• $15

• $10

• $13

Why is it important to understand money?

• It is important to understand money to make informed financial decisions and achieve financial stability.

• Financial literacy is not linked to personal success.

• Money management is irrelevant in today's digital age.

• Understanding money is only necessary for wealthy individuals.