Unit 2 Budgeting Vocabulary Test

Unit 2 Budgeting Vocabulary Test

9th - 12th Grade

20 Qs

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Unit 2 Budgeting Vocabulary Test

Unit 2 Budgeting Vocabulary Test

Assessment

Quiz

Business

9th - 12th Grade

Practice Problem

Easy

Created by

Lenora Manna

Used 4+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 3 pts

A plan of your expected income and how you will use it to meet your expected expenses over a period of time

budget

deduction

cost of living

wealth

2.

MULTIPLE CHOICE QUESTION

1 min • 3 pts

A budgeting method where money for monthly spending is taken out in cash and placed in labeled envelopes according to budget categories. Spending occurs only from the corresponding envelopes.

50/30/20 budget

zero-based budget

cash envelope budget

cost of living

3.

MULTIPLE CHOICE QUESTION

1 min • 3 pts

The amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare; often used when comparing how expensive it is to live in one city versus another

cost of living

wealth

defiict

wealth

4.

MULTIPLE CHOICE QUESTION

1 min • 3 pts

When your expenses exceed your income

surplus

deficit

salary

pay yourself first

5.

MULTIPLE CHOICE QUESTION

1 min • 3 pts

A portion of the total cost of an item, such as a car or house, that must be paid at the time of purchase. The buyer will often take out a loan to finance the remaining balance.

loan amount

down payment

wealth

budget

6.

MULTIPLE CHOICE QUESTION

1 min • 3 pts

Items or services you pay for such as rent, groceries, entertainment, bills, etc.

income

wages

expenses

cost of living

7.

MULTIPLE CHOICE QUESTION

1 min • 3 pts

A labor market where the majority of people have short-term jobs such as freelancing and temp jobs rather than long-term employment

gig economy

freelancher

residential

full-time employment

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