ICC Budget Quiz (1-13-2023)

The money you spend on your needs and wants may be termed as........

• Budgets

• Incomes

• Expenses

Payment of gas bill based on the usage is an example of ........

• Fixed expenses

• Variable expenses

• Income generating expenses

Gross income is:

• the total amount of money you earn

• the amount of money you receive after decuctions are subtracted

• the total amount of money you spend

• sales taxes on items you buy

Net Pay is...

• pay you get after deductions

• pay you get before deductions

• gross pay

• regular pay + overtime pay

An expense that differs from month to month.

• Income

• Fixed Expense

• Variable Expense

• Budget

An expense that is the same amount and cannot easily be changed.

• Income

• Fixed Expense

• Variable Expense

• Budget

A plan that is used to determine how money will be spent.

• Income

• Fixed Expense

• Variable Expense

• Budget

Which type of expenses are these, rent, car payment?

• Crazy bills
• Variable expense
• Fixed expense

If the Moore's monthly income is $5,000 what amount of their budget is spent on miscellaneous expenses?

• $2,000
• $.08
• $200
• $4

If the Talbot family's income is $3,200 what percent of their budget is spent on medical expenses?

• 15%
• .15%
• 150%
• 100%