Week 3 quiz: Budgeting

It is a plan for spending.

• Budget

• Expenses

• Food

• Saving

The combined earning of the father, mother and other members of the family.

• Expenses

• Budgeting

• Budget

• Family Income

It is the money you keep with specific purpose such as health, house repair or can be an emergency fund.

• Food

• Budget

• Saving

• Expense

This type of expenses are paid regularly that can be monthly, quarterly, semi-annual or annually.

• Flexible Expenses

• Budgeting

• Fixed Expenses

• Family Income

This type of expenses are those that may come irregularly and amount may vary such allocation for food, medicines and other contingencies.

• Fixed Expenses

• Budgeting

• Family Income

• Flexible Expenses

When making a budget, a person’s needs should come before their wants.

• True

• False

Examples of Fixed Expenses include:

• Mortgage, loans, rent
• Cable, entertainment, food
• Gas, food, phone
• Clothing, gas, food

Which one is a fixed (same amount, same time) payment?

• food

• power

• mortgage

• petrol

Fixed or variable expense: Groceries

• Fixed

• Variable

Utilities

• Fixed Expenses
• Variable Expenses