Money Management/Budget

Money Management/Budget

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Multiple Choice

Anything generally/universally accepted for payment of goods and services is called

• Coins

• Cash

• Money

• Cheques

Multiple Choice

A plan for future expense/expenditure

• Budget

• Shopping list

• Agenda

• Debt

Multiple Choice

Money that by law is accepted for payment of debt

• JA currency

• Legal Tender

• Cheque

• Goods

Multiple Choice

The consumer receives goods after paying money.

• A standard of deferred payment

• Store of value

• \Measure of value

• Medium of exchange

Multiple Choice

Money in savings/investment kept for future use accumulates to determine how much money a person has

• Medium of exchange

• Store of value

• Measure of value

• Standard of deterred payment

Multiple Choice

Money in the form of credit, permits a person to acquire goods and services now and pay for them later.

• Store of value

• Measure of value

• Medium of exchange

• Standard of deferred payment

Multiple Choice

Money allows you to determine how much we will pay something/what one's work is worth

• Standard of deferred payment

• Measure of value

• Store of value

• Medium of exchange

Multiple Choice

Gross and Net are types of income

• True

• False

Multiple Choice

Income received in the form of goods, services and money

• Net Income

• Gross Income

• Flexible Income

• Fixed Income

Multiple Choice

Income received after all deductions have been made

• Gross Income

• Net income

• Flexible expense

• Fixed expense

Multiple Choice

Goods and services are exchanged for other goods and service

• Barter

• Fringe Benefit

• Fixed expense

• Flexible expense

Multiple Choice

living quarters, car, uniform, lunch , health insurance premiums which is sometimes given to employees

• Net Income

• Fringe benefit

• Barter

Multiple Choice

This is an illegal means by which money is earned

• Barter

• Subsistent income

• Black market

• Dividend

Multiple Choice

All of the following are legal ways of earning money except

• self employment

• Remittance

• Inheritance

• Black market

Multiple Choice

Utilities, food and clothing are referred to as

• Variable expenses

• Fixed expense

• Gross expenses

• Net expenses

Multiple Choice

Rent, mortgage, insurance premiums, monthly installments are examples of

• Flexible expenses

• Fixed expenses

• Gross expenses

• Net expenses

Multiple Choice

Expenses paid in the same amount each month

• Flexible

• Fixed

• Gross

• Net

Multiple Choice

These vary from month to month depending on how much you use

• Fixed

• Flexible

• Net

• Gross

Multiple Choice

Which is not considered when making a budget

• Family goal (savings)

• Net Income

• Fixed and flexible expenses

• Amount to be spent Food

• Gross Income

Multiple Choice

Buying on the spur of the moment without thinking about the need of the item is referred to as

• Barter

• Fringe Benefit

• Impulsive buying

• Flexible expense

Multiple Choice

Budgeting allows you to do all the following expect

• live within your income

• stress about the money

• keep financial record

• Keep expenses under control

Multiple Choice

Income received weekly is known as

• Salary

• Wages

Multiple Choice

Income received monthly is known as

• Salary

• Wage

Multiple Choice

Light and water is referred to as _____ on the budget

• Miscellaneous

• Other

• Utilities

• Savigns