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Tech for Teachers Practice Flashcards

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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