Personal Finance: Chapter Five Online Post-Test

What is a budget?

• Anything that you might incur an expense for

• Is a spending plan for managing your money that includes income and expenses

• All expenses deducted from income before net pay can result.

• Income after all deductions have been paid.

A NetFlix subscription is an example of a

• Fixed Expense

• Variable Expense

Rent is a........

• Fixed Expense

• Variable Expense

A car payment is what type of expense?

• Fixed Expense

• Variable Expense

Gas for traveling is a

• Variable Expense

• Fixed Expense

Car repairs are a

• Fixed Expense

• Variable Expense

Groceries are an example of a

• Fixed Expense

• Variable Expense

Flexible expenses are the same amount each month.

• True

• False

_____ is commonly considered a flexible expense.

• Rent

• A mortgage payment

• Home insurance

• Entertainment

Property taxes, car registration, and excise taxes are examples of

• fixed expenses

• variable expenses

• periodic expenses