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Vocabulary
Needs or Wants
Variable/Fixed Expense
Why?
100
This is something you cannot live without.

What is a Need

100

Buying lunch every day at a restaurant instead of packing one from home is an example of this

What is a want?

100

Filling up your gas tank to full for your car.

What is Variable

100

This type of financial institution is owned by its members and often offers better dividend rates and fewer fees. 

What is a credit union?

200

Income - Expenses

What is Cash Flow.

200

Buying notebooks and pencils for school is this type of expense.

What is a need?

200

Netflix

What is Fixed

200

This is the extra money you earn in your savings account.

What are dividends?

300

Money that you receive from Jobs, allowance, gifts, interest, and dividends.

What is Income.

300

Spending money on video game skins or in-app purchases falls under this category.

What is a want?

300

Utility Bill

What is Variable

300

This budgeting rule suggests spending 50% of income on needs, 30% on wants, and 20% on savings.

What is the 50/30/20 rule?

400
Items you spend money on is called?

What is Expenses.

400

Cable

What is a want.

400

Mortgage/Rent

 What is Fixed

400

What type of fund would you use for unexpected expenses?

What is emergency fund.

500

Expenses might change from month to month is called this.

What is Variable Expense.

500

 This type of expense covers essential things you can’t live without, such as food and clothing.

What are needs?

500

Car Payment

What is Fixed

500
What are some the benefits of having a savings account at a credit union?

What is Money kept in a credit union is safe (NCUA) and can earn dividends.