Chapter 2 Budgeting

Front

Want or Need?

Back

Front

Want or Need?

Back

Front

The amount of money you take home is called your

Back

Net Pay

Front

Which of the following is generally the most expensive category in a person’s budget? Healthcare, Clothing, Transportation, Housing

Back

Housing

Front

What is the best way to make a budget? Options: Repeat it over in you head, Memorize a random one from one line, Write one out using your income and expenses, Buy one online from a friend

Back

Write one out using your income and expenses

Answer explanation

-Repeating it in your head will not give you a visual on how you are tracking your money

-None of the other options make sense since you are not using your own income and expenses.

Front

What is a Budget

Back

A plan that helps you manage your income and expenses

Answer explanation

A budget is like a guide or a plan people use to keep up with the money they make and what they spend. It does not focus only on savings, but savings are included in a budget.

Front

Which one is a fixed (same amount, same time) payment? food, power, mortgage, petrol

Back

mortgage

Front

Car Payment

Back

Fixed Expense

Front

Fixed or variable expense: Groceries

Back

Variable

Front

Fixed or variable expense: Rent?

Back

Fixed