Managing Money and Resources

Good management skills help you reach your goals.

• True

• False

Resources are always unlimited.

• True

• False

Occasional expenses are those that arise from time to time and so are classified as fixed expenses.

• True

• False

Major life changes may make it necessary to redo your budget from time to time.

• True

• False

The main goal of a budget is to have more expenses than income.

• True

• False

The amount of your paycheck after all taxes and deductions have been subtracted is called __________.

• gross pay

• tip pay

• net pay

• commission pay

An item that you must have in order to survive.

• resource

• want

• goal

• need

For a high school student, graduating from college is a _________ goal.

• intermediate

• long-term

• mid-term

• short-term

All the following are forms of income except ________.

• child support payments

• flexible expenses

• cash aid

• wages from a part-time job

Which of the following is not a need?

• food

• electricity

• housing

• makeup