Budget Quiz Review

Rent and car insurance payments are both which type of expenses?

• fixed costs that are needs

• fixed costs that are wants

• variable costs that are needs

• variable costs that are wants

What is the main purpose of a budget?

• to keep track of your money

• to find new sources of income

• to differentiate between needs and wants

• to determine the amount of taxes to be paid

Income includes items like gifts and winning a Super Bowl pool.

• True

• False

The goal of a budget is _________________.

• to spend more than you make

• to spend less than you make

Money that you earn.

• Asset

• Expense

• Income

What is an expense?

• Money that you spend or give away.

• Money that you earn.

• Money that you put away for later.

A plan for spending and saving.

• Budget

• Savings

• Income

An expense that does not change from month to month.

• Variable expense

• Fixed expense

• Unexpected expense

What is a variable expense?

• An expense that changes every month.

• An expense that is unexpected.

• An expense that is the same month to month.

Something thought to be an essential item required for life (food, water etc.).

• Need

• Want

• Desire