Budget Review

Base the amount used for the income portion of a budget on gross pay.

• True

• False

Indicate whether the following expenses are A. Fixed or B. Variable

Groceries/Food

• Fixed

• Variable

The amount of income budgeted was $1,500. The actual amount was $1,700.

• Favorable

• Unfavorable

A set of costs that recurs on a regular basis. Example of these can be rent or a car payment.

• Trade off

• Fixed expense

• Variable expense

• Need

An account that is used to set aside funds to be used in an emergency, such as the loss of a job or a major expense is a(n)

• savings account

• spending plan

• emergency fund

• opportunity cost

Your electric bill is an example of a _________ expense.

• required

• fixed

• variable

• optional

Money you earn is your ___________.

• expenses

• wants

• needs

• income

A __________ is a plan for your money.

• schedule

• budget

• investment

• paycheck

The money you earn is your ________________.

• expense

• need

• income

• want

An account such as a checking account that can be turned into cash quickly is said to be _________.

• disposable

• liquid

• spendable

• investment