Budgeting Review

Preparing a budget includes

• Income, Expenses, Saving
• Only listing your expenses
• Only listing your debts
• Only listing your income

Examples of Fixed Expenses include:

• Mortgage, loans, rent
• Cable, entertainment, food
• Gas, food, phone
• Clothing, gas, food

Utilities would be an example of

• Fixed Expenses
• Variable Expenses

Gas would be an example of a

• Fixed Expense
• Variable Expense

Car Insurance would be an example of a

• Fixed Expense
• Variable Expense

The amount an employee earns once taxes and other items are deducted from his or her gross pay.

• Budget

• Debt

• Gross Income

• Net Income

Fees incurred when a customer withdraws more money from an account than what is available in the account.

• Debt

• Budget

• Gross Income

• Overdraft fees

The total amount of money an individual has earned before taxes are taken out.

• Net Income

• Checking Account

• Gross Income

• Overdraft

Which of the following describes wants?

• Necessary items for life that are paid monthly/yearly such as food, housing, transportation, utilities, insurances

• Expenses that equal all the fixed and variable expenses added together

• Things or tems that a person would like to own or purchase that is not necessary for life; Ex. entertainment, video games, etc.

• Income from all possible sources

What is the cost of living index used for?

• To compare how much people earn in different cities

• To compare living cost and the purchasing power in two or more cities.

• To compare different tax bracket.

• To compare how much insurance do you need in certain city.