
Unit 4 Budgeting Test Review
Flashcard
•
Mathematics
•
12th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What is the cash envelope system of budgeting?
Back
A budgeting method where cash for different spending categories is allocated into labeled envelopes to help manage and control spending.
2.
FLASHCARD QUESTION
Front
What is zero-based budgeting?
Back
A budgeting strategy where every dollar of income is allocated to expenses or savings, ensuring no unaccounted money.
3.
FLASHCARD QUESTION
Front
How do you calculate the unit price of an item?
Back
Divide the total price by the number of units (e.g., price per ounce).
4.
FLASHCARD QUESTION
Front
What is the main purpose of budgeting?
Back
To plan and control financial resources, ensuring that income is allocated effectively to meet expenses and savings goals.
5.
FLASHCARD QUESTION
Front
What does the term 'fixed expenses' refer to?
Back
Expenses that do not change from month to month, such as rent or insurance.
6.
FLASHCARD QUESTION
Front
What is the difference between wants and needs in budgeting?
Back
Needs are essential expenses required for basic living (e.g., food, shelter), while wants are non-essential expenses (e.g., entertainment, luxury items).
7.
FLASHCARD QUESTION
Front
What is the 50/30/20 budgeting rule?
Back
A budgeting guideline that suggests allocating 50% of income to needs, 30% to wants, and 20% to savings or debt repayment.
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