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Lesson 8 Budget
Module 4
Objectives
Calculate a budget based on income and expenses.
Discuss how to set budgetary goals and achieve them.
Essential Questions
Discuss the benefits and drawbacks to different forms of saving money.
Warm Up
Budget
Which item would most likely require savings?
soccer ball
a new refrigerator
a movie ticket
a box of cookies
What is NOT a reason that people usually save money?
to buy special things for the future
to have money for emergencies
to make a payment on an expensive item
to buy basic necessities
For which item would someone MOST LIKELY need to save money in order to
purchase?
a new shirt
a new washing machine
a hair dryer
a video game
The expenses section of a personal budget
should be larger than the income section of the budget.
shows the amount of money that is spent each month.
includes the amount of interest earned on investments.
is not important if income is greater than expenses.
A budget helps you save money for the things you really want.
True
False
Income is all the money you earn (make) over a period of time. Usually a month.
The goal of a budget is _________________.
to spend more than you make
to spend less than you make
A budget is ___________.
a list of what to buy at a store
a plan for managing your money. It compares how much you earn (make) to how much you spend
is things you shouldn't do
A budget it a helpful tool.
Budgeting for teenagers
https://youtu.be/7DMUGGQKmRA
Lesson 8 Budget-Vocabulary
Video Lesson
Quiz 8
Which of the following are fixed expenses? (Check all that apply)
Entertainment
Car payment
Rent
Food
A financial report listing your assets, liabilities, and net worth is called ___.
a balance sheet
statement of owner's equity
statement of net worth
None of these
Saving for retirement is often considered a short term goal.
Which of the following might be deducted from your gross pay? (Check all that apply)
Health care
State tax
Federal tax
FICA tax
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