Personal Finance Review

Front

Examples of Fixed Expenses include: Mortgage, loans, rent, Cable, entertainment, food, Gas, food, phone, Clothing, gas, food

Back

Mortgage, loans, rent

Front

A vacation is an example of a _________

Back

want

Front

How do wages and salary differ?

Back

Salary describes what you earn on an annual basis.

Front

Which of the following are TRUE about gross income? They are the same thing, Gross income is the total amount earned AFTER deductions, Gross income is the total amount earned BEFORE deductions, Net income is the total amount earned BEFORE deductions

Back

Gross income is the total amount earned BEFORE deductions

Front

Which of the following is NOT a need? Food, Clothes, Netflix, Shelter

Back

Netflix

Front

Which of the following is an example of a variable expense: Food, Rent, Car payment, Student loan?

Back

Food

Front

Your emergency savings fund should have how many months worth of income? Options: 1-2 months, 10 months, It doesn't matter, 3-6 months

Back

3-6 months

Front

What is the first step in budgeting? Options: Record what you spend, Estimate your income, Set financial goals, Review and evaluate monthly

Back

Set financial goals

Front

A plan for your estimated income, expenses, and savings.

Back

Budget

Front

What type of expense does the following statement best match? Expense that varies in dollar amount from month to month but that you can expect to have every month.

Back

Variable