Vocabulary
Definition of Income
Money received or earned for completing a job, task, or gift.
Shirelle got $20 for her birthday. In a budget, this money is called ________.
What is income?
The main purpose of a personal budget is to help people plan their spending and ________.
What are saving decisions?
Buying a new soccer jersey for a game is an example of an ________.
What is an expenditure?
Define expenditures?
Money spent on goods, services, or items like clothes and snacks.
Earning money for working a job or helping a neighbor.
What is an example of income?
In a balanced budget, total income should be the same as or greater than ________.
What are expenditures (expenses)?
What are expenditures (expenses)?
Jim and Pam include money in their monthly budget to give to their church. This is called ________.
What is donating money?
Definition of Savings
Putting money aside for later instead of spending it right away.
Buying a new shirt or an ice cream cone at school.
What is an example of an expenditure?
Why is it important to prepare and follow a budget?
To make sure people make responsible economic decisions?
Kelly has $100 income ($20 clothing, $30 food, $30 fun, $20 savings). What can she do to have enough money for new clothes right now?
What is spend less on fun and more on clothing?
A plan that helps people make responsible spending and saving decisions.
What is a budget?
An income is money received, while an expenditure is money that is ________.
What is spent?
A major reason to create a personal budget is to save money for ________.
What are future needs?
Roxanne earned $100 lifeguarding. She spent $5 on lunch and saved $95 for Disney. What kind of decision is this?
What is a financially responsible decision?
What you give up when you make one choice over another (like playing soccer instead of doing a project).
What is an opportunity cost?
Receiving an allowance or getting paid for doing chores at home.
What is income?
In a healthy budget, income should always be greater than ________.
What are expenses (expenditures)?
Choosing to play soccer with friends tonight instead of finishing a big project due tomorrow makes the project an example of an ________.
Opportunity cost