Budget Quiz 1

This is a plan for dividing income among spending and saving options.

• Goals

• Budget

• Income

These are examples of short term spending goals

• A brand new car

• Eating out for a friend's birthday

• Holiday gifts

• A house

These are examples of long term spending goals

• College

• Retirement

• An expensive and big vacation

• Rent

You should spend about _____% of your monthly budget on housing.

Check all the examples of income (money coming into your accounts)

• Food

• Paycheck

• Rent

• Investments

Check all the examples of expenses (money you will spend on items)

• Insurance

• Gas

• Taxes

• Rent

• Interest

Give 3 examples of FIXED expenses

Give 3 examples of Flexible expenses

A way to file receipts, check stubs, notes to organize your spending, purchases and expenses is

• Fixed Expense

• Filing System/Excel Computer

• Luxury good

• Budget

A fixed expense is

• an expense you have to pay that changes every month

• an expense you have to pay that stays the same each month

• income that changes every month

• income that stays the same every month