MathematicsFreePrintable
Budget Components
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Budget Components
Choose the best answer for each question. Show your work for calculations. For questions asking you to list examples, answers may vary.
Budget Basics
1.What do we call money a person receives, such as pay for a job or an allowance?
- Income
- Expense
- Savings
- Budget
2.Which item is usually a basic need?
- A warm place to live
- A new video game
- A movie ticket
- A collectible card
3.Money used to pay for goods and services is called what in a budget?
- Expenses
- Income
- Savings
- Interest
4.Select all the items that are generally wants rather than needs.
- Concert ticket
- Fresh drinking water
- A tablet game
- A safe home
Working with a Budget
5.Hiroshi earns $18 for helping at home and receives $12 as an allowance. What is Hiroshi's total income?
6.Riley has $45 in income and spends $28. How much money remains for savings?
7.Complete the budget rule: Income − expenses = .
8.Avery is saving for a $36 bicycle helmet and sets aside $6 each week. How many weeks will Avery need to save?
9.Match each budget term with its meaning.
- Income
- Expense
- Savings
- Budget
- Money spent
- Money received
- Money kept for later
- A plan for income and spending
Explain and Apply
10.In your own words, explain how a need is different from a want. Give one example of each.
11.How can a budget help someone make decisions about spending and saving?
12.Name three reasonable ways a young person could receive or earn money.
3 printable pages
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