Budgeting flashcard 2

Front

If an expense can be cut from your budget to save money, it is considered a ______.

Back

want

Front

Jaxson can budget 1% of his monthly income to gifts. If he makes $1,295 a month, how much money can he put toward his gift category?

Back

$12.95

Front

Budgeting is crucial to your financial success. True or False?

Back

True

Front

What is 35% of $2,492?

Back

$872.20

Front

Medical care is an example of a ______.

Back

Need

Front

What is the definition of a budget?

Back

A budget is a plan that outlines expected income and expenses over a specific period.

Front

What is the difference between a 'want' and a 'need'?

Back

A 'want' is something that is desired but not essential, while a 'need' is something that is essential for survival or basic functioning.

Front

How do you calculate 10% of a number?

Back

To calculate 10% of a number, divide the number by 10.

Front

What is the purpose of savings in a budget?

Back

Savings are set aside for future needs or emergencies, providing financial security.

Front

What does it mean to live within your means?

Back

Living within your means means not spending more money than you earn.