Personal Finance Unit 1 Quiz Review

Classify the following item as a fixed or variable expense:

Car Payment

• Fixed Expense

• Variable Expense

Classify the following item as a fixed or variable expense:

Rent Payment

• Fixed Expense

• Variable Expense

Classify the following item as a fixed or variable expense:

Phone Bill

• Fixed Expense

• Variable Expense

Classify the following item as a fixed or variable expense:

Electric Bill

• Fixed Expense

• Variable Expense

Classify the following item as a fixed or variable expense:

Water Bill

• Fixed Expense

• Variable Expense

Classify the following item as a fixed or variable expense:

Movie Tickets

• Fixed Expense

• Variable Expense

What two items 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
• Utility bill
• Groceries
• Gasoline

Variable expenses may not be the same every month.

• True
• False

Money that you make is called...

• income
• variable expense
• propery taxes
• fixed expense