Vocabulary
Expenses that are necessary for survival and basic living.
What is nondiscretionary spending/fixed expenses/needs spending?
You should always spend more money than you have.
False!!
Julia makes $100.00 babysitting and $50.00 for household chores each month. What is her total monthly income?
$150.00
Electric and water bills is this type of spending.
What is need spending?
Non-essential spending and services.
What is discretionary spending/wants spending?
Fixed expenses include things like rent and groceries.
True
David's expenses for each month are $40.00 for his phone, $20.00 for eating at restaurants, and $30.00 for savings. What are his total monthly expenses?
$90.00
Getting your nails done is this type of spending.
What is want spending?
A spending plan that outlines your income, expenses, and other financial goals. (ex: savings and debt paydown)
what is a budget?
To increase financial wellness you should create a budget, save, and practice mindful spending.
True!!
Sharon's montly income is $200.00. How much does she make in 4 months?
$800.00
Eating out, going to the movies is this type of spending.
What is want spending?
Ability to understand and effectively use various financial skills, including personal financial management budgeting, and investing.
What is financial literacy?
By setting smart goals you can help create and implement your financial action plan.
True.
Kristopher's income each month is $2,000.00. His expenses are $550.00 each month. What are his savings for each month?
$1450.00
transportation is this type of spending
What is need spending?
Ability to have financial resources to meet practical needs, and a sense of control and knowledge about personal finances.
what is an financial wellness?
Poor financial wellness does not affect overall wellness.
FALSE!!
Briana saves $100.00 each month to buy a computer. The computer costs $500.00. How many months will it take for her to save enough money?
5 months
This is required to recognize when to spend money based on needs and when to spend money based on wants.
What is self-awareness?