Finance Chapter 2 Test

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

• Net Income

• Net Worth

• Income Earned

• Gross Income

The cost of groceries and gas is considered an _______ __________

• Variable Expense

• Discretionary Expense

• Intermittent Expense

• Fixed Expense

To budget with a _________ ___________, prioritize expenses from most to least important so your most important expenses are covered first.

• Irregular Income

• Cross Income

• Based Budget

• Standard Income

A _______ _________ needs to be evaluated in light of your other expenses for the month.

• Disrectionary Expense

• Intermittent Expense

• Variable Expense

A ______ _______ stays the same from month to month.

• Discretionary Expense

• Fixed Expense

• Intermittent Expense

A __________ __________ should account for fixed, variable, intermittent, and discretionary expenses based on income.

• Budgeted Income

• Zero-based Budget

• Gross Income

What does a Budget do?

• Gives you permission to spend

• Causes you to go into debt

• Limits your money and spending

Specific categories are important to consider when creating a budget so you can

• Lose your money faster

• I have no idea

• break down your income and spending

• Go straight into debt! Hooray!

A plan for your money: written plan for saving, spending, and giving; Gives you the freedom to spend

• Budget

• Income

• Net Worth

Select the two ways money flows

• Select me to pass

• In

• Out

• Spending

• Saving