Budget 1
Setting up information about the money that goes in and comes out of your household each month.
What is a budget?
Money earned through employment.
What is Income?
Money spent to buy goods and pay for services
What are Expenses?
Money is put away into a bank to use later or for an emergency
What are Savings?
Items or things you would like to have but are not necessary
What are Wants?
Things you must have to survive (food, water, shelter) or to have personal success.
What are Needs?
An arrangement you make with your bank which allows you to keep your money in a safe place and take it out when you need it
What is a Bank Account?
Type of expenses that stay the same each month.
Fixed Expenses
The total amount of money in your bank account
What is a Bank Balance?
A requirement, necessary duty, or obligation
What is a need?
A bank account in which you usually put money for a longer period of time. It may earn interest.
What is a Savings Account?
A personal plastic card you use to get money from your bank account(s)
What is a Debit Card?
Type of expenses that change each month
Variable Expenses
A machine is often found on a wall outside of a bank where you can withdraw from / deposit into your bank account
What is an ATM – Automated Teller Machine?
The money you put into your bank account
What is a Deposit?
The money you take out of a bank account.
What is a Withdrawal?
Money that you borrow on a plastic card must be repaid.
What is a Credit Card
A 4 digit number to help you secure or verify your money
What is a PIN (Personal Identification Number)?
A monthly or quarterly document that summarizes your activity to show what money went in and out of a bank account.
What is a Bank Statement
The money you pay to the government, from your paycheck from income.
What are Taxes?
If you start work at 9:00 am and get off at 1:00 PM, how many hours have you worked?
What are 4 hours?
If you leave at 8:30 AM and it takes you 45 mins to walk to the bus stop what time will you arrive at the bus stop?
What is 9:15 AM?
If you work a 4-hour day and start at 12:00 PM, what time will you be off work?
What is 4:00 PM?
Mr. Bob went to CVS to purchase a bottle of water. The water cost $3.98, he paid with a 10-dollars bill. How much change will Mr. Bob get back?
What is $6.02?
A bank account that you can usually take money from at any time
What is a Checking Account?