Budgeting Basics
What is a budget?
A plan for future spending and saving, weighing estimated income against estimated expenses.
True or False: Being financially responsible means saving all of your money and never spending it.
False. Being financially responsible means making smart choices with your money, including budgeting and saving, but also allowing for responsible spending.
What’s it called when you put money into a bank account?
What is deposit?
How much is a quarter worth?
What is 25 cents?
What is income?
Money received for goods or services.
True or False. Having a budget is a good idea to monitor your finances.
True.
What is it called when you take money out of a bank account?
What is withdrawal?
This coin is worth 10 cents and features the image of Franklin D. Roosevelt.
What is a dime?
What is an example of an expense?
Rent, groceries, or utility bills.
True or False. It's important to compare the cost of two or more goods or services to find the best value.
True
A card that allows you to spend the money you have in your bank account
What is debit card?
How many nickels make a dollar?
What is 20 nickels?
What is the main purpose of creating a budget?
To plan and track your spending to avoid overspending
What is the term for money you owe to someone or a company?
What is debt?
What type of card allows you to borrow money from a bank to make purchases?
What is a credit card?
What is the smallest coin in U.S. currency?
What is a penny?
If you spend more money than you earn, what might happen?
You could go into debt.
True or False. Cost-Benefit Analysis is analyzing whether the cost of an item is more than, equal to, or less than the benefit of purchasing it.
True
What is the amount of money you pay for using credit or borrowing money?
What is interest?
This person, the first president of the United States, appears on the $1 bill.
Who is George Washington?