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Budget
Tech for Teachers Practice Flashcards
| Term | Definition |
|---|---|
| Define: Budget | a plan we make to use money wisely |
| Define: Income | money that you earning or receiving for chore completion or special occasions |
| Define: Expenses | the cost required for something; the money spent on something |
| What are needs? | the very basic things that people must have to survive |
| What are wants? | the things that make life more interesting and fun - things you can live without |
| Define: Short‐term Goals | Goals that can be achieved in three months or less |
| Define: Intermediate Goals | Goals that will take between three months to one year to achieve |
| Define: Long‐term Goals | Goals that take more than one year to achieve |
| What is an estimated income? | The money that you anticipate earning or receiving for chore completion or special occasions |
| A budget can also be called what? | A spending plan |
| Name the 3 ways money can be used. | to spend, to save, and to give (also known as charitable giving) |
| What things are included in a budget? | A budget includes money that we receive and choices about how we use that money: to save, spend, or give to help others |
| What does a budget help with? | A budget helps us to make sure that we have enough money to pay for the things we need. |
| Define: Debt | the state of owing money to someone or something |
| Why is it important to keep a budget or spending plan? | It helps by keeping records of spending and saving habits helps to make better financial choices |
Created by:
emily.kleve
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