Personal Budgets

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

• Utility bill

• Groceries

• Petrol

Which of the following is a true statement about saving receipts?

• Saving receipts allows you to keep an accurate record of your spending.
• The more receipts you save, the more money you can save.

Tags

CCSS.7.RP.A.3

Variable expenses may not be the same every month.

• True
• False

Tags

CCSS.7.EE.B.4

When you set a budget, you should never revisit or adjust it.

• True
• False

This occurs when money is withdrawn from a bank account and the available balance goes below zero.

• overdraft
• reconcile
• balanced
• budgeting

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.3

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

• fixed
• discretionary 
• variable
• intermittent

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

• fixed
• discretionary
• variable
• intermittent

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

• fixed
• discretionary
• variable
• intermittent

Car repairs are a fact of life and should be budgeted. This is a(n)_________ expense.

• fixed
• discretionary
• variable
• intermittent