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Grade 5 Financial Literacy Flashcards | StudBud
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Grade 5 Financial Literacy
Grade 5 Financial Literacy
12 terms
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StudBud Administration
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The basics of financial literacy.
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
Fixed or variable expense: Boy Scouts dues are $1.50 per week
Variable
Fixed
2
What is the difference between something you want and something you need?
There is no difference. I need everything I want!
A need is necessary for survival; a want is not.
Things I need are free but things I want cost money.
3
Fixed or variable expense: Sparky's dog food is about $5.50 per week.
Fixed
Variable
4
Identify the balanced budget.
Income 175.00 / Expenses 75.00
Income 210.00 / Expenses 205.00
Income 450.00 / Expenses 450.00
Income 150.00 / Expenses 151.00
5
Identify if the expense is fixed or variable: Lunch everyday in the cafeteria is $2.00
Variable
Fixed
6
An estimate of income and spending over a certain time period is called ______?
Expenses
Income
A Balanced Budget
A Budget
7
What is a variable expense?
amount stays the same
occurs once a year
amount changes based on need or choice
occurs only once
8
Identify the item that would be a want:
Movie tickets
Heat
Electricity
Basic food
9
Identify the item that would be considered a need:
Housing
New video game
Going out to dinner
Going to a concert
10
Fixed or variable expense: Your after school snack is about $2.00 for three days.
Variable
Fixed
11
Budgets help to outline your fixed and variable expenses. What is a fixed expense?
occurs regularly and amount is different
occurs once a year
occurs regularly and the amount stays the same
occurs only once
12
A balanced budget is when ____?
when there aren't any expenses
when expenses are less than income
when expenses are more than income
when expenses and income are equal
