Budgeting Project

What is a budget primarily used for?

• To track your favorite movies
• To plan how you will spend your money
• To decide what to wear each day
• To calculate your height

If you have a total income of $500 and expenses of $450, how much money do you have left?

• $0
• $450
• $100
• $50

Tags

CCSS.7.NS.A.3

What is the first step in creating a budget?

• List all sources of income
• Decide on your favorite spending categories
• Ask friends for their budgets
• Ignore your expenses

Which of the following is an example of a fixed expense?

• Monthly rent payment
• Groceries for the week
• Buying a new video game
• Dining out with friends

Which of the following best describes a variable expense?

• A cost that is paid only once a year
• A cost that is always unnecessary
• A cost that can change from month to month
• A cost that remains the same each month

Why is it important to prioritize needs over wants in budgeting?

• Because wants can be ignored completely
• Because wants are always more expensive
• Because needs are essential for survival
• Because it makes budgeting more fun

What is one way to ensure you make smart financial decisions?

• Consider your options systematically
• Ignore your financial responsibilities
• Make decisions based on emotions
• Follow what your friends do

What should you do if unexpected costs arise in your budget?

• Cut all your fixed expenses
• Ask friends to lend you money
• Set aside extra money for surprises
• Ignore them and stick to your budget

How can creating a budget help you achieve your personal financial goals?

• It allows you to spend more money on wants
• It helps you track your income and expenses
• It eliminates the need for saving
• It guarantees you will never have debt

How does managing your money through budgeting benefit you in the long run?

• It allows you to spend without limits
• It helps you save for future goals
• It makes you feel stressed about money
• It encourages you to ignore your expenses