Budgeting Quiz Owens

What is generally the highest expense in a household budget?

• Food

• Transportation

• Housing

• Entertainment

Budgeting is crucial to your financial success.

• True
• False

Preparing a budget includes:

• Income, Expenses, Saving

• Only listing your expenses

• Only listing your debts

• Only listing your income

If an expense can be cut from your budget to save money, it is considered a ______.

• want

• need

• income

• savings

1.A plan for future spending and saving, weighing estimated income against estimated Expenses.

• Gross Income

• Debt

• Expense

• Budget

3.The state of owing money to another individual or business, or the amount of money borrowed.

• Gross Income

• Net Income

• Debt

• Budget

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

• Budget

• Debt

• Gross Income

• Net Income

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

• Net Income

• Checking Account

• Gross Income

• Overdraft

8.The money an individual spends regularly for items or services.

• Budget

• Expense

• Checking Account

• Financial Plan

9.An account where money is kept for future use.

• Income Tax

• Overdraft Fees

• Savings Account

• Checking Account