What is a budget?
Financial Literacy

Flashcard
•
Mathematics
•
5th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
A budget is a plan that outlines how much money you expect to earn and how much you plan to spend over a certain period.
2.
FLASHCARD QUESTION
Front
What does it mean to have a balanced budget?
Back
A balanced budget means that your income is equal to your expenses, so you are not spending more than you earn.
3.
FLASHCARD QUESTION
Front
What is gross income?
Back
Gross income is the total amount of money earned before any deductions or taxes are taken out.
4.
FLASHCARD QUESTION
Front
What is net income?
Back
Net income is the amount of money you take home after all deductions and taxes have been subtracted from your gross income.
5.
FLASHCARD QUESTION
Front
What is a property tax?
Back
Property tax is a tax paid by property owners based on the value of their property.
6.
FLASHCARD QUESTION
Front
What is an expense?
Back
An expense is any cost or payment that you incur, such as rent, food, or entertainment.
7.
FLASHCARD QUESTION
Front
What is income?
Back
Income is the money that you earn from work, investments, or other sources.
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