Budgeting Basics
A tool for tracking income and expenses to help you manage your money.
What is a budget.
Setting aside money for emergencies or future needs is called what?
What is saving.
Something you must have to live, like food, shelter, or clothing, is called a what?
What is a need.
This type of expense stays the same each month.
What is a fixed expense.
This acronym stands for how to make your financial goals more effective: Specific, Measurable, Achievable, Relevant, and Time-bound.
What are SMART goals.
True or False: You should buy an Xbox before you buy groceries because somebody can probably lend you money for groceries later.
What is false.
Money you spend on things like food or gas that can change each month is called what?
What is a variable expense.
The amount of money earned after subtracting all operating costs, taxes, interest, and other expenses from their total revenue
What is net income.
Spotify Premium, Starbucks, concert tickets, and Bepsi are all examples of what?
What are wants.
Money in Anishinaabemowin (Ojibwe)
Shooniyaa
The amount of money earned before any taxes, deductions, or expenses are subtracted.
What is gross income.
Sacrifices when budgeting can also be called what?
What are trade-offs.
A prediction of future financial outcomes.
What is a forecast.
Saving a portion of your income before anything else can also be called
What is paying yourself first.
Avoiding debt and saving for the future helps you reach what kind of goals?
What are long-term goals?