QUIZ-Unit 16 - In Trouble

An arrangement to receive cash, good or services now and pay for them in the future.

• Credit
• Loan
• Interest
• Collateral 

An expense that does not change each month, such as rent, is called.  

• Fixed Expense
• Variable Expense
• Periodic Expense
• none of the above

An expense that does change each month, such as, food is called..

• fixed expense
• variable expense
• periodic expense
• none of the above

Something that you owe is called.  

• asset
• liability
• net worth
• disposable income

Which of the following is NOT a reason to have a budget?

• it is an organized way to save for the future
• helps you determine how much you are spending
• puts you in control of you financial future
• helps you spend more on clothes

Money you can spend after taxes is called...

• gross income
• gross pay
• disposable income
• discretionary income

Which of the following is NOT an example of an asset?

• car (paid for)
• cash in the bank
• rent
• clothes in your closet

Which of the following statements correctly describes net worth?

• assets - liabilities
• measure of your wealth
• both of the choices
• none of the choices

What does it mean to pay yourself first?

• pay your bills first
• buy what you want first
• put your money in savings first
• pay your taxes first

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Income before taxes or deductions are taken out

• net
• fixed
• gross
• collateral