Dollars and Sense Quiz

What is the total amount budgeted for expenses?

• $3,000

• $2,000

• $800

• $2,500

Is Budget A balanced? Why?

• Yes, because monthly expenses are less than the income.

• No, because the expenses are more than the income.

• Yes, because the expenses equal the income.

• No, because the expenses are less than the income.

Which expenses are fixed expenses?

• House Payment, Gas, Insurance

• Work Paycheck, Car Payment, Groceries

• House Payment, Car Payment, Gas

• House Payment, Car Payment, Insurance

Which expenses are Variable Expenses?

• Work Paycheck and House Payment

• Gas and Groceries

• Insurance and Car Payment

• Insurance and Gas

If the fixed expenses increase, what action can be taken to keep the budget balanced?

• More money may need to be earned, or the variable expenses need to be adjusted.

• Adjust the fixed expenses.

• Add more cost to the variable expenses.

• Less money may need to be earned, and fixed expenses need to be adjusted.

Is Budget B balanced?

• Yes

• No

If one of the dog owners decides to end dog-walking services and income is decreased by $5 a week, how should the budget be changed in order to be balanced without reducing the fixed expenses?

• The variable expenses should be decreased by $7 a week.

• The variable expenses should be increased by $5 a week.

• The variable expenses should be increase by $2.50 each week.

• The variable expenses should be decreased by $5 a week.

If income is decreased $5 a week, what will be the new total income when balanced?

• The new income will be $30.

• The new total income will be $40.

• The new total income will be $50.

• The new income will be $60.

If income is decreased $5 a week, what will be the new total for expenses when balanced?

• The new total expenses will be $40.

• The new total expenses will be $80.

• The new total expenses will be $90.

• The new total expenses will be $20.

If the price of dog treats increases, how should the budget change in order to be balanced?

• Variable expenses should be increased.

• Fixed expenses should be decreased.

• Variable expenses should be decreased.

• Fixed expenses should be increased.