Money Words

Which of the following is a

part of the budget process?

• expenses

• father's salary

• last years income

• tax returns

Expenses are defined by the following:

• Fixed

• Money Spent

• Flexible

• All of the above

Flexible expenses are defined as those expenses that stay the same from month to month

• True

• False

Types of a fixed expense are

• school lunch program

• cell phone plan

• rent

• all of the above

Fixed expenses

• are regular expenses that you cannot avoid

• you can take as much time as you want to pay

• change every month

• will stay the same forever

An example of a flexible expense is

• snacks

• clothing

• gas prices

• all of the above

"My spending plan" is another way of saying "my budget".

• True

• False

Spending Plans contain two parts

• Expenses and flexible expenses

• "Net Gain" and "Net Lost"

• An income side and an expense side

• None of the above

Putting money into a savings account every month is

• income

• a net gain

• an expense

• neither income or expense

"Net Gain" in a spending plan is defined as

• money lost at the end of a period of time

• money left over as a result of total income being greater than total expenses.

• the total amount of income

• none of the above