Budgeting Vocab Quiz

The money you receive in exchange for your labor or products

• Budget

• Expense

• Needs

• Wants

• Income

A plan that helps people manage their money by tracking income and expenses over a set period of time

• Budget

• Expense

• Needs

• Wants

• Income

Something that is a necessity, you need it to survive

• Budget

• Expense

• Needs

• Wants

• Income

Something that would be fun to have, you can live without it

• Budget

• Expense

• Needs

• Wants

• Income

Money needed to buy or do something (cost)

• Budget

• Expense

• Needs

• Wants

• Income

Generally cost the same amount each month

• Budget

• Expense

• Flexible Expense

• Fixed Expense

• Income

Expenses where you have some control over the amount

• Budget

• Expense

• Flexible Expense

• Fixed Expense

• Income

Groceries are an example of a ____________ ___________.

• Flexible Expense

• Fixed Expense

Rent, mortgage, and car payments are an example of ____________ ___________.

• Flexible Expense

• Fixed Expense

Once you get a job, you will start getting paychecks. A paycheck is an example of ___________.

• Income

• Expense

• Budget