Budgeting & Money
What is the plan you make for how to spend and save your money called?
A budget
Something you must have to live, like food or shelter, is called a what?
a need
Money you earn from selling something is called what?
Income
What is the safest place to keep your money?
A bank/savings account
What type of place keeps your money safe?
A bank / financial institution
If you only have $20 and want two items that cost $15 each, what skill must you use?
Making a budgeting decision
A cost that stays the same EVERY month is called what?
A fixed expense
Profit = Income - ______
Expenses
Money the bank pays YOU for saving is called what?
Interest
Name one service a bank provides.
Answers vary: holding money, loans, checking accounts, savings accounts, etc.
What category describes giving money to help others?
Share
A cost that changes depending on how much you use something is called what?
A variable expense
If you make $30 and spend $12, what is your profit?
$18
30-12 = 18
Which saving option usually earns the MOST interest: piggy bank, savings account, or CD?
CD (Certificate of Deposit)
Why is keeping money at home riskier than keeping it in the bank?
It can be lost or stolen (banks are safer)
What category describes saving money for future goals?
Save
Is a monthly phone bill normally fixed or variable?
Fixed
You sell 10 bracelets for $3 each. Supplies cost $15. What’s your profit?
$15 profit
10x3 = 30 - (supplies cost $15) = $15
Why does your money grow in a savings account?
Because it earns interest
A bank paying you money for saving is an example of what concept?
Interest
Why is it important to include savings in your budget?
To prepare for future needs or emergencies
Is buying a movie ticket a fixed or variable expense, and why?
Variable - you only pay for it when you choose to go.
You made $25 selling snacks, but spent $30 on supplies. What happened?
You had a loss (-$5)
$25 - $30 = -5
Which is better for a long‑term goal—wallet or savings account—and why?
Savings account — money is safer and earns interest
What do banks do with the money people deposit?
They keep it safe and use it to make loans