VOCAB ch 2 Quiz- Ramsey

Taxes and withholdings impact your , ________ which is the amount of money you take home on your paycheck.

• budget

• net income

• insurance

• gross income

The cost of groceries and gas is considered a(n)

• variable expense

• discretionary expense

• intermittent expense

• fixed expense

To budget with a(n) ______, prioritize expenses from most to least important so your most important expenses are covered first.

• steady income

• irregular income

• discretionary expense

• calculator

The cost of insurance, car payment, or rent is considered a(n)

• variable expense

• discretionary expense

• intermittent expense

• fixed expense

Expenses that are nonessential, and are wants more than needs are considered a(n)

• variable expense

• discretionary expense

• intermittent expense

• fixed expense

A(n)___________ should account for fixed, variable, intermittent, and discretionary expenses based on income.

• healthy budget

• commission statement

• Gross income

• zero-based budget

The amount of money you make before any deductions

• Gross income

• net income

• commission

• budget

What’s it called when you make money on the percentage of the total sales you make?

• Budget

• Tips

• Commission

• Net income

The cost of doctor visits, car registration, tires and oil changes are considered a(n) _____ because they don't happen every month

• variable expense

• discretionary expense

• intermittent expense

• fixed expense

A record that summarizes all of the income and spending over a certain time period

• budget

• cash flow statement

• income

• zero-based budget