Budgeting POB

What is a Budget

• A Bank Statement

• A List of how you make money

• A financial plan for a month

• A list of how you spend money

• A financial plan for a week

Expenses come in a few different forms, which of the following expense is one that is the same every month

• Variable Expense

• Fixed Expense

• Favorable Expense

• Expected Expense

• Unexpected Expense

Expenses come in a few different forms, which of the following expense is one that you pay every month but the amount changes from month to month

• Expected Expense

• Unexpected Expense

• Fixed Expense

• Variable Expense

Where on a budget would you put your paycheck money?

• Expenses

• Variance

• Fixed Expenses

• Income

Which of the following is a Variable expense?

• Rent

• Student Loan payment

• Mortgage

• Water Bill

• Car Payment

Which pay on your paycheck is "Before" deductions and withholdings?

• Total Pay

• Net Pay

• Gross Pay

• Estimated Pay

Which of the following line items on a paycheck would be considered a "Withholding."

• State Tax

• Union Dues

• 401 k contributions

• Federal Tax

What should you do with a budget "favorable" variance?

• Celebrate and buy something for yourself

• Pay more bills with the variance

• Save or invest the variance

• Send it in to your credit card company

Which of the following line item on your paycheck would be considered a "Deduction"

• Social Security Tax

• 401 k contribution

• HSA account contribution

• 403b account contribution

What is an unfavorable balance on a budget?

• When you break even on your budget

• When you make more money than you spend on your budget

• When you spend more money than you made on the budget

• When your expenses are too little on your budget