Final answer:
From the student's cash expenses, gas for the car is a need while fast food, movie tickets, and amusement park tickets are wants. Budgeting involves distinguishing between essential expenses (needs) and non-essential expenses (wants).
Step-by-step explanation:
When selecting your needs from your cash expenses for budgeting, it's crucial to differentiate between needs and wants. A need is something essential and required for survival or to fulfill basic obligations, whereas a want is something that is desired but not essential. From the list provided in the question, gas for the car ($120) would typically be considered a need, especially if the car is used for essential travel such as commuting to work or school. In contrast, expenses like fast food ($20), movie tickets ($30), and amusement park tickets ($115) would be categorized as wants, as they are not necessary for day-to-day living. Identifying these needs and wants is an important step in creating a balanced and realistic budget.