TEST - Understanding Budgeting and Proportions

Front

What is a non-recurring expense?

Back

A non-recurring expense is an expense that is not expected to happen regularly, such as an annual subscription.

Front

Define a proportion in mathematical terms.

Back

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Back

Front

What is gross pay?

Back

Gross pay is the total earnings of an individual before any deductions are made.

Front

What is net pay?

Back

Net pay is the take-home pay of an individual after all deductions have been made.

Front

Give an example of a recurring expense.

Back

Monthly utilities are an example of a recurring expense.

Front

What is the difference between fixed costs and variable costs?

Back

Fixed costs remain constant regardless of production levels, while variable costs change with production levels.

Front

How can budgeting help in managing finances?

Back

Budgeting helps in managing finances by tracking income and expenses, allowing for better financial planning and control.

Front

What is the purpose of a budget strategy?

Back

A budget strategy is designed to allocate resources effectively to meet financial goals.

Front

What is a fixed cost?

Back

A fixed cost is an expense that does not change with the level of goods or services produced.