Saving and Budgeting

What is a budget and why is it important?

• A budget is a document for tax purposes only.
• A budget is a financial plan that is important for managing resources, controlling spending, and achieving financial objectives.
• A budget is a list of all your debts.

What are the two parts of a budget?

• Costs and profits
• Income and expenses
• Sales and investments

What do wise shoppers consider before making a purchase?

• Color preference
• Price, quality, necessity, brand reputation, reviews, return policies
• Store location

How do wise shoppers save money?

• Wise shoppers save money by being strategic in their purchasing decisions.
• By shopping without a budget.
• By ignoring sales and discounts.
• By buying only brand-name products.

What is the difference between income and expenses?

• Income is the total amount spent; expenses are savings.
• Income is a type of expense; expenses are not related to income.
• Income and expenses are the same thing, just different terms.
• Income is money received; expenses are money spend