Balancing a Budget Lesson 1 Quiz

Which of these is an example of a fixed expense?

• Groceries

• Rent/Mortgage

• Electric Bill

• Movie Tickets

The money that you pay to the Federal Government to pay for bridges, roads, and more are called

Which of the following is NOT a variable expense?

• Heating Bill

• Electric Bill

• Gasoline For Your Car

• Netflix Bill

This is the money you invest in the form of supplies, marketing, legal services, and other investments to get your business up and running.

Which of the following budgets is considered to be balanced?

• A budget where the amount you save is less than the amount you spend.

• A budget where the amount you earn is equal or less than to the amount you spend.

• A budget where the amount you spend is greater than the amount you earn.

• A budget where the amount you spend is equal or less than the amount you earn.

Which of the following are considered wants?

• Medicine

• The Newest iPhone

• A Coach Purse

• New Timberland Boots

• Healthy Food

The amount left over from your paycheck after deductions (taxes and insurance) is called....

Which of the following are considered taxes?

• Medicare

• Local/City Taxes

• State Taxes

• Social Security

• Sales Tax

True or False: The amount you spend on variable expenses each month does not change.

• True

• False

The money you earn, usually from working at a job is called what?