Personal Budgeting Test Review

After creating a budget, you realize you're spending more than you are making. What are the first expenses that need to be cut from the budget?

• Fixed

• Variable

Variable expenses are those which are:

• Required

• Different from month to month

• The same every month

• Only paid every other month

Jane paid $35.92 for gasoline with her debit card. Which of the following is an accurate description of Jane's transaction?

• Jane's payment will affect her credit rating

• Jane will be charged interest for this purchase

• Jane's linked account will immediately have the $35.92 removed.

• Jane will make a payment for this purchase when she receives her monthly statement.

An _____________ is anything you spend money on, while ___________________ is money earned through work or services.

• income; expense

• deposit; withdrawal

• expense; gifts

• expense; income

Which payment method takes the amount out of your account immediately?

• Credit

• Check

• Debit

• Cash

If the government takes out 22% of your monthly income for taxes, how much would be taken out of your paycheck if your monthly income was $4,892.55

• $1,050.00

• $2,458.50

• $1,076.36

• $222.38

Which of the following would be considered variable expenses

• Car Insurance

• Electricity Bill

• Rent

• New Tires

If a person makes $2548.00 monthly and 20% is taken out for taxes and insurance. What is their net income?

• $509.60

• $2548.00

• $1586.43

• $2,038.40

Credit cards charge ___________ fees when you do not pay off your balance.

• Late

• Withdrawal

• Interest

• Expense

The amount of income you receive after taxes, social security, and insurance are taken out.

• Net Worth

• Net Profit

• Net Income

• Income