Financial Literacy - Budgeting review

What is the definition of Income?

• Money you receive through things like pocket money, doing chores or wages from a job.

• Money going out – this is the money you are spending.

• When we measure our income against our expenditure.

• Money saved for future use.

What is Budgeting?

• Money you receive through things like pocket money, doing chores or wages from a job.

• Money going out – this is the money you are spending.

• When we measure our income against our expenditure.

• Money saved for future use.

Which of the following is NOT a key word from last lesson?

• Income

• Expenditure

• Budgeting

• Savings

Which key word involves comparing money coming in and money going out?

• Income

• Expenditure

• Budgeting

• Savings

Which of the following is an example of "Expenditure"?

• Receiving a salary.

• Buying groceries.

• Earning interest on savings.

• Receiving a gift.

What does expenditure refer to in budgeting?

• Money coming in

• Money going out

• Money saved

• Money borrowed

What is the purpose of budgeting?

• To spend more than you earn

• To balance income and expenditure

• To ignore financial planning

• To increase debt

Which of the following is NOT a part of budgeting?

• Measuring income

• Measuring expenditure

• Ignoring savings

• Planning expenses

What can effective budgeting help you achieve?

• Financial instability

• Increased debt

• Financial stability

• Ignorance of expenses