How are savings and budgeting related?

A good budget will help control your spending and enable higher saving

Which formula represents the math used to create a basic budget?

(Sum of all Income) - (Sum of all expenses)

In which scenario below would an unlimited data plan on your smartphone be best classified as a NEED?

To complete homework assignments if you don't have wifi at home

Why is it important to create a budget as a teenager?

A budget will help you save money and prioritize your spending

How can the college you choose to attend impact your future adult budget?

Any student loans you owe will become a necessary expense in your budget

When creating a budget, which list below portrays expense categories in the most responsible order?

All of your needs, savings, high priority wants, low priority wants

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Budgeting for Teens

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Questions 8

Answers

1
The most common time frame individuals use when developing a budget is ______
Weekly
Monthly
Yearly
Daily
2
How are savings and budgeting related?
Once you save enough money, you will no longer need to budget
Saving is the final amount of money you have leftover in any monthly budget
The more money you save, the more income you will have available to spend
A good budget will help control your spending and enable higher saving
3
Which formula represents the math used to create a basic budget?
(Income + Taxes + Insurance) - Expenses
Gross Income - Net Income
Surplus - Deficit
(Sum of all Income) - (Sum of all expenses)
4
In which scenario below would an unlimited data plan on your smartphone be best classified as a NEED?
If it allows you to check email and get updates on Twitter during class
If it keeps you entertained by allowing you to stream videos anywhere
To complete homework assignments if you don't have wifi at home
If it allows you to use a mobile wallet instead of a debit or credit card
5
Why is it important to create a budget as a teenager?
A budget will help you save money and prioritize your spending
A budget makes filing your taxes faster and simpler
A budget is required to qualify for financial aid for college
Guarantee you have enough money saved for college so you won't need loans
6
How can the college you choose to attend impact your future adult budget?
Any student loans you owe will become a necessary expense in your budget
The budget you create as a freshman will be the same until you're 30
Your scholarship money will impact your taxes for years to come
Students who attend more expensive colleges earn more income
7
When creating a budget, which list below portrays expense categories in the most responsible order?
All of your needs, savings, high priority wants, low priority wants
All of your needs, high priority wants, low priority wants, savings
Savings, high priority wants, low priority wants, all of your needs
All of your needs, high priority wants, savings, low priority wants
8
Which item below would MOST PEOPLE consider a need?
A new laptop every 2 years
Professional SAT Prep Tutoring
Auto Insurance
A week's vacation

Budgeting for Teens Flashcards | StudBud