Budgeting Review

A budget _________________________.

• Lets you know how much money you have and where it's going

• lets you know what's for dinner

• is something babies understand

There are two types of expenses. They are ____________ and _______________. Choose two.

• Fixed Expenses

• Impulse expenses

• Variable Expenses

• Deductions

All of these are "NEEDS" EXCEPT:

• HOUSING

• MOVIE TICKETS

• RENT

• GROCERIES

Rent and car insurance payments are both which type of expenses?

• fixed costs that are needs

• fixed costs that are wants

• variable costs that are needs

• variable costs that are wants

For which item would someone MOST LIKELY need to save money in order to

purchase?

• a new shirt

• a new washing machine

• a hair dryer

• a video game

Daycare can be very expensive! My friend pays $972 every month for her 3 year old daughter.  This is considered a

• Fixed Expense

• Variable Expense

• Discretionary Expense

• Income

An expense that changes from month to month.

• Variable expense

• Fixed expense

• Unexpected expense

What is a Impulse purchase?

• An expense that changes every month.

• An expense that is unexpected.

• An expense that is the same month to month.

• Buying something you don't really need

Something unnecessary but you desire.

• Need

• Want

• Expect

Something thought to be an essential item required for life (food, water etc.).

• Need

• Want

• Desire

• Impulse