Budgeting
What is a budget?
A budget is a plan for how you will earn, spend, and save your money.
What does saving mean?
Setting money aside for future use.
What is investing?
Using money to try to earn more money over time.
What is superannuation?
Money that is invested and saved for retirement.
What is a business?
An organisation that provides goods or services.
Why is budgeting important?
It helps you manage your money and avoid overspending.
What is a savings account?
A bank account designed to store money and earn interest.
Why do people invest?
To grow their wealth/ money.
What is a super fund?
An organisation that manages superannuation savings.
What is a customer?
A person who buys goods or services.
What is income?
Income is money you receive, such as wages, gifts, or allowances.
What is a want and a need?
A want is something you would like to have but do not need.
A need is something essential for living, such as food or shelter.
What is a return on investment?
The profit earned from an investment
When can people generally access their super?
When they retire and meet eligibility requirements, usually around the age 65+
What is revenue?
The money a business receives from sales.
If you earn $200 and spend $150, how much remains?
$50.
What is impulse buying?
Buying something without planning or thinking carefully.
What is diversification?
Spreading investments across different assets to reduce risk.
Why is starting super contributions early beneficial?
Your money has more time to grow.
What is an entrepreneur?
A person who starts and runs a business.
What does a budget deficit mean?
You spend more money than you earn.
Why is it important to compare prices before buying?
To get the best value for your money.
What is a dividend?
A payment made by a company to its shareholders from profits.
What is compound growth?
Earnings generating additional earnings over time.
Why do businesses need customers?
Customers buy products and generate revenue for the business.