Budgeting

Front

What is a Fixed Expense?

Back

A Fixed Expense is a cost that does not change in amount and is paid regularly, such as rent or mortgage.

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What is a Variable Expense?

Back

A Variable Expense is a cost that can change in amount and is not paid regularly, such as gas or groceries.

Front

What is Gross Income?

Back

Gross Income is the total amount earned before any deductions or taxes are taken out.

Tags

CCSS.7.RP.A.3

Front

What is Net Income?

Back

Net Income is the amount of money earned after all deductions and taxes have been subtracted from gross income.

Tags

CCSS.7.RP.A.3

Front

Give an example of a Fixed Expense.

Back

Examples of Fixed Expenses include mortgage payments, rent, and loan payments.

Front

Give an example of a Variable Expense.

Back

Examples of Variable Expenses include gas, food, and entertainment.

Front

What is the difference between Gross Income and Net Income?

Back

Gross Income is the total earnings before deductions, while Net Income is the earnings after deductions.

Tags

CCSS.7.RP.A.3

Front

What type of expense is a Car Payment?

Back

A Car Payment is a Fixed Expense.

Front

What type of expense is Gas?

Back

Gas is a Variable Expense.

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What are some common Fixed Expenses?

Back

Common Fixed Expenses include mortgage, rent, and insurance premiums.