STEP INTO THE GED
Unit Project: Basic Accounting

RETURN TO: Basic Accounting Passage

 

A budget is a plan for income and expenses.  It is usually written for a month’s expenses. A budget should include all expenses.  For example, it should have things like food, rent, gas for the car, medical expenses, etc.  To avoid overspending, people try to limit their expenses for each thing on their budget. They make sure that their total expenses are not greater than their income.

Create a budget.  Don’t include the amounts you will spend.  The budget you will give your facilitator should only show the categories (classes, types) of expenses you are planning for.


Your budget should look like this:

                                                Monthly Budget        

Expense

Amount

Food

$$$

Rent

$$$

Utilities*

    Gas

    Electricity

 

$$$

$$$

 

Continue this way with your expenses.

 

 

 * You may use a general type such as utilities, or you may be more specific and name the services you use:  gas, electricity, water.

 

Sign and date your budget, and place it in your folder for your instructor.

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Leecy Wise and Vicky Lara, authors