Budgets Ch 1-2

What two things does a budget compare?

• Income and Expenses

• Savings and Interest

• Income and Investments

• Expenses and Expenditures

Which is an example of a fixed expense?

• Cell Phone with unlimited data

• Utility Bill

• Groceries

• Gasoline

Variable expenses may not be the same every month.

• True

• False

Expenses that stay the same every month are ___________ expenses. Rent would be an example.

• fixed

• variable

• discretionary

• intermittent

An expense that only occurs because you are choosing to spend money like eating out is a(n) _________ expense.

• fixed

• discretionary

• variable

• intermittent

You have to eat so you need groceries. This is a(n) _____________ expense.

• fixed

• variable

• discretionary

• intermittent

The mortgage payment and the payment are examples of which of the following?

• variable expenses

• zero-based budgeting

• assets

• fixed expenses

What does it mean to pay yourself first?

• pay your bills first

• put your money in savings first

• buy what you want first

• pay your taxes first

My family is going on vacation this summer, so we are sticking to a ________ to save money.

• Income

• Budget

• Savings

• Expenses

If we decide to go to Top Golf over Spring Break, it would be considered a _________________.

• Variable Expense

• Fixed Expense

• Discretionary Expense

• Income