Budgeting
Should the budget be allocated more on needs or wants?
Needs
These are the expenses of your business
Costs
______ is the amount of money that has to be paid in order to get the product.
Price
Explain what needs and what wants are.
Needs: Things that we need in order to survive such as food, water and shelter.
Wants: what we don't need to survive such as toys.
_____ Is the process of creating a plan to spend your money.
Budgeting
The initial resources to start your business
Capital
A _____ is someone who leads or commands a person or group.
A leader
Where is it best to put our savings?
In the bank or a piggy bank.
For budgeting, you should assign the largest percent of your money on your (most / least) _____ necessities
Important
The guide for making your business real
Business Plan
_____ is someone who decides to make or to run a business.
Entrepreneurship
What else should we save other than money?
Save what we already have (school supplies, our toys, etc) in order to avoid buying more.
These things enable you to help to budget your money easily.
Budgeting Tools
The extra steps your business takes to improve society.
Social Responsibility
_____ is determined by how useful a product or service is to you.
Value
A blueprint or plan for achieving your financial goals
Savings plan
For BUD for budgeting, what do all these letters stand for?
B -Budget, U-Understand, D-Design
The plan that helps you consider the risks your business may face.
What-if plan
_____is when a customer buys goods and services without planning in advance.
Impulsive Buying
What is the 60% 40% rule?
60% of your money should be assigned to your needs and wants, while 40% would go towards your savings.