Budgeting Basics (Part 1)

Which of the following is an itemized summary of the expected income and

expenses for a defined period of time?

Liabilities are an individual’s expenses and outstanding debts

Long-Term goals are set to be achieved in less than a year of time.

Definition: individual who enjoys spending money on himself/herself or others

Definition: individual who plans for the future and is prepared for any type of financial situations

Which of the following is an expense which stays relatively the same from month to month, such as a car payment or rent?

Liabilities are individual’s belongings which have value

Spending wants are expenses which help an individual to live more comfortably

Definition: individual who does not consider money as a necessity and does not have much of an opinion on money

Which of the following is an example of a variable expense?