Budget

1. What do the following words mean: expected, income, expenses, estimate, balance the budget, outweigh, variable expense

Expected----hope

Income  ---- earn money

Expenses---- cost

Estimate---- guest 

Balance the budget--- balance money

Outweigh--- too much spend, loan

Variable expense--- different cost

1. What is a budget (0:50-0:55)?

The budgeting is a plan to spend your money. example- groceries, car, rent and cloths. when we will spend estimates.

 

1. What are the three steps of budgeting? Take notes, compare them with a partner, and publish them with these instructions on your blog.

1) Financial plan:- financial plan is a when we plan something doing 

Mortgage - 15 thousand per year

Groceries(Food/clothes) and spending budget- 10 Thousand per year

Entertainment - 6 thousand per year

Medical, Transportation etc. - 6 thousand per year

RRSP/RESP- 3 thousand per year

2) Budget:-   budgeting is a when we spend money to decide on spending.

Food - 6 thousand per year

clothes - 3 thousand

household- 2 thousand 

3) Tax return-  It is income when you receive money on tax claim.