Unit 5 Exam Review (Budgeting)

Front

Which of the following is generally the most expensive category in a person’s budget? Healthcare, Clothing, Transportation, Housing

Back

Housing

Front

When making a budget, a person’s needs should come before their wants.

Back

True

Front

If an expense can be cut from your budget to save money, it is considered a ______.

Back

want

Front

Of all the choices, which one should you budget for first? Groceries, Entertainment, Cell Phone Bill, New Car

Back

Groceries

Front

What is a need?

Back

Something you must have

Front

The money an individual spends regularly for items or services.

Back

Expense

Front

Fixed or variable expense: Groceries

Back

Variable

Front

Car Payment is an example of what: a fixed expense or a variable expense?

Back

Fixed Expense

Front

Car insurance is a ____________ expense

Back

fixed

Front

Medical care is an example of a ______

Back

Need