Multiple Choice: According to the text, what does budgeting involve? a) Only spending money b) Only saving money c) Planning how to spend money d) Planning how to save money

True or False: A family budget includes all the money that comes into the family and all the ways that money will be spent.

Fill in the Blank: Sometimes governments spend more money than they ____.

Discussion: Why is it important for children to learn how to budget?

Writing: Create a budget for yourself. Write down all the things you spend money on each week and how much they cost. Then, calculate how much money you earn each week. Subtract your expenses from your earnings to see if you have any money left over. If not, brainstorm ways you can cut down on expenses.

Reflection: Do you think budgeting is important for everyone? Why or why not?

Vocabulary: Define the term “budget deficit” in your own words.

Research: Find an example of a government budget and analyze how the money is allocated for different purposes.

Role Play: Pretend you are a financial advisor. Give advice to a friend who has a budget deficit and help them come up with strategies to cut down on expenses.

Critical Thinking: Do you agree with the statement that some rich people are rich because they have been budgeting, while poor people are poor because they haven’t? Why or why not? Provide examples to support your opinion.