Budget Basics

Budget Basics 1

100

A plan for spending and saving money each month

Budget

200

Things you must have to survive (food, water, shelter) or to have personal success

Needs

300

A bank account which you usually put money in for a longer period of time. It may earn interest.

Savings Account

400

An arrangement you make with your bank which allows you to keep your money in a safe place and take it out when you need it

Bank Account

500

Money given in exchange for working.

Pay

Budget Basics 2

100

Necessary purchases (housing, food, clothing)

Needs

200

This is for things we need right now; food or school supplies

Spending, cash

300

Money earned on a regular basis, usually given by parents or family (sometimes for chores) 

Allowance

400

The money you take out of a bank account

Withdrawal

500

Money set aside for sharing, often given to charity.

Donations

Time and Money

100

If Mark works 20 hours/week, at a rate of $15.00/hour how much will his gross pay be?

$300.

200

If you start work at 9:30 am and get off at 1:30 PM, how many hours have you worked?

4 hours

300

If you leave at 7:30AM and it takes you 45 mins to walk to the bus stop what time will you arrive at the bus stop?

8:15

400

Mr. Bob went to Walmart to purchase a case of water. The water cost $10.98, he paid with a 20 dollar bill. How much change will Mr. Bob get back?

$9.02

500

If you work a 6 hour day and start at 3:00 PM, what time will you be off work?

9:00PM

Budget Basics 3

100

Money put away into a bank to use for later or for an emergency

Savings

200

The total amount of money in your bank account

Bank Balance

300

What you earn in your paycheck before taxes

Gross pay

400

A printed record of money put into and removed from a bank account

Bank Statement

500

What you earn in your paycheck before taxes

Gross Pay

Budget Basics 4

100

Items or things you would like to have but are not necessary

Wants

200

A bank account that you can usually take money from at any time

Checking Account

300

The money you put into your bank account

Deposit

400

Money that goes to the Government and comes out of your paycheck is called what? 

Taxes

500

Money that is paid to someone or to some company, such as bills, groceries and going to the movies.

Expenditures.