Expenses

Multiple Choice

Which of the following is an example of a fixed expense?

• A monthly mortgage payment

• Buying a new phone

• Car upkeep

• A utility bill

Open Ended

Why is financial literacy important for young people to learn?

Multiple Choice

Surplus of income over expenses is ______________.

• Profit

• Deficit

• Loss

Open Ended

Why is it important for young people to learn about financial literacy and the different types of expenses?

Open Ended

Explain the difference between fixed expenses and variable expenses, and give an example of each from your own life.

Multiple Choice

Which of the following best describes a periodic expense?

• An expense that is the same each month, like rent

• An expense that appears periodically throughout the year, like car upkeep

• An expense that is different each month, like a utility payment

• A non-essential or luxury expense

Fill in the Blanks

A monthly mortgage payment is an example of a

expense.

Multiple Select

Select all the items below that would be considered discretionary expenses:

• A ticket to your favorite band’s concert

• A trip to the beach for the weekend

• Your water bill

• Buying the latest iPhone

Open Ended

How can understanding the different types of expenses help you manage your personal finances more effectively?

Multiple Choice

What are the four major types of expenses discussed in financial literacy?

• Fixed Expenses, Discretionary Expenses, Periodic Expenses, Variable Expenses

• Essential Expenses, Non-Essential Expenses, Irregular Expenses, Luxury Expenses

• Monthly Expenses, Yearly Expenses, Weekly Expenses, Daily Expenses

• Personal Expenses, Family Expenses, Business Expenses, Government Expenses