SGO Review

The first thing you should do when reducing expenses is to consider

• cutting down your discretionary expenses

• quitting your job

• cutting down your fixed expenses

• cutting down your variable expenses

Budgets can change when you

• have children

• change jobs

• get married

• all of the above

When evaluating your budget you should consider

• income

• financial goals

• spending

• all of the above

A plan for use of money over time based on goals, expenses, and income is a(n)

• expense

• budget

• asset

• liability

Credit card charges are considered a(n)

• asset

• liability

• expense

• income

A cost that changes both in the amount and time it must be paid is

• variable expense

• discretionary expense

• fixed expenses

• expense

An amount that is spent for an item that a person could do without is

• variable expense

• discretionary expense

• fixed expense

• expense

Cash, stocks, bonds, and real estate are all examples of

• liabilities

• wealth

• assets

• expenses

What is the ultimate goal of managing your finances and budgeting?

• financial security

• wealth

• net worth

• financial planning

Income is

• any money received

• money received from your job only

• money received as a gift only

• none of the above