Budgeting
Flashcard
•
Mathematics, Other
•
8th - 12th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What is budgeting?
Back
Budgeting is the process of creating a plan to manage income and expenses over a specific period, helping individuals allocate their resources effectively.
2.
FLASHCARD QUESTION
Front
What is the most expensive category in a person’s budget?
Back
Housing is generally the most expensive category in a person’s budget.
3.
FLASHCARD QUESTION
Front
What type of expense is car insurance?
Back
Car insurance is a fixed expense, meaning it does not change from month to month.
4.
FLASHCARD QUESTION
Front
What is a paycheck an example of?
Back
A paycheck is an example of a deposit, as it adds money to an individual's account.
5.
FLASHCARD QUESTION
Front
Why is budgeting important?
Back
Budgeting is important because it helps individuals avoid overspending and prepares them for large expenses they may not be able to afford.
6.
FLASHCARD QUESTION
Front
Should needs come before wants in a budget?
Back
True, when making a budget, a person’s needs should come before their wants.
7.
FLASHCARD QUESTION
Front
What is a fixed expense?
Back
A fixed expense is a cost that does not change over time, such as rent or insurance.
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