Financial literacy program-Budgeting

Master budgeting basics! Learn to track income, manage expenses, and plan your finances with our fun worksheet.

Which one of the following statement is correct to define a budget? [1] a list of income and expenses details of income a person earns a future financial plan concerning the income and expenses details of expenses a person spends What is one of the best ways to reduce expenses? [1] buy more with your credit card buy less clothing eat out at restaurants more often don't pay insurance on your car Why is budgeting important? [1] because math is fun to make more money for opening a bank account helps you manage your money Which one of the following is NOT true of a good budget? [1] expenses are less than income includes savings for higher studies allows for unexpected expenses don't worry about savings or emergencies Sort the items into either income or expenses. [6] INCOME(3) Salary Profit Pocket money EXPENSES(3) Rent GST Electricity bill Sort the expenses into either Fixed Expenses or Variable Expenses. [4] FIXED EXPENSES(2) School Fees Rent VARIABLE EXPENSES(2) Grocery Bill Fun Entertainment An important objective of budgeting is to develop wise financial management habits.TRUE or FALSE? [1] TRUE FALSE