Budget

The term ______________ is used to explain a person's income that does not vary with each period could include wages, salary, student allowance, benefit

• Fixed Income
• Variable Income

_____________ is an income that can vary each time the person receives it. Could include tax rebates, overtime

• Fixed Income
• Variable Income

A _____ is something that is necessary for humans to live a healthy life an example could be food, water, medical, housing, clothing

• Need 
• Want

A ______ is something that is desired e.g. computer, holiday, car, cell phone

• Need 
• Want

Doing a budget does not:

• Show if you are overspending in an area
• Make overspending more likely
• Remove guilt and shame sometimes associated with purchase
• Make your money go further

Your monthly budget should include:

• Variable expenses
• Discretionary Expenses
• Fixed Expenses
• All of the above

Rent is a:

• Fixed expense
• Discretionary Expense
• Variable expense
• Intermittent expense

Groceries are a:

• Fixed expense
• Variable expense
• Intermittent expense
• Discretionary expense

A written budget, if followed, removes ______from your finances.

• Overspending
• Guilt
• Management  by crisis
• All of the above

Budgeting is crucial to your financial success.

• True
• False

Tags

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