Budgeting

__________: An estimate of income/expenditure for a set period of time

• Expenses

• Budget

• Differences

• Spending

What is the "rule of thumb"?

• 30% Needs

  20% Wants

  50% Debt

• 50% Needs

  30% Wants

  20% Debt

• 20% Needs

  50% Wants

  30% Debt

_____: basic needs that a household must pay for.

• Income

• Budget

• Expenses

• Saving

_____: setting money aside to use in the future.

• Saving

• Expenses

• Budget

• Income

_____: a fixed amount of income.

• Budget

• Expenses

• Salary

• Income

_____: a plan on how to spend and save money.

• Expenses

• Income

• Saving

• Budget

_____: an hourly rate paid in exchange for labor.

• Income

• Wage

• Expenses

• Budget

______: money that comes from outside sources, such as a

job or career.

• Budget

• Expenses

• Saving

• Income

Where does the money come from for a household to survive on a monthly basis?

• Income

• Expenses

• Savings

• Emergencies

A budget is plan to make sure that household can meet its basic needs.

• True

• False