Financial Literacy Quiz

A set amount that you must pay each budget period is a(n) ________.

• fixed expense

• expense

• variable expense

• discretionary expense

Before making a donation, you should consider ________.

• your income

• your expenses

• your outstanding debts

• all of the above

The first step to take when reducing expenses is to consider ________.

• discretionary expenses

• quitting your job

• your fixed expenses

• your variable expenses

Financial plans and budgets can change when you ________.

• have children

• change jobs

• get married

• all of the above

A written record of an individual’s current financial situation is a ________.

• cash flow statement

• budget

• net worth statement

• balance sheet

Medical bills, credit cards, and charge accounts are examples of ________.

• long-term liabilities

• short-term liabilities

• current liabilities

• expenses

A plan for use of money over time based on goals, expenses, and income.

Any money received

The cost of goods and services that you buy

The act of giving money, goods, or services to meet the needs of others.