Budgeting Unit Test

Cost paid to secure a good or service?

• cost-benefit analysis

• expense

• net income

• opportunity cost

• cost of living

Amount an employee earns once taxes and other items are deducted from gross pay?

• liability

• net worth

• net income

• fixed expenses

• cost-benefit analysis

Total amount of income an employee earns from a job before taxes are taken out?

• variable expenses

• gross income

• contactless payment

• net income

• cost of living

Flexible and can change from month to month?

• variable expenses

• debit card

• cost comparison

• contactless payment

• budget

Financial wealth at one point in time.

• income

• cheques

• net worth

• liability

• contactless payment

Stocks, bonds, mutual funds with the goal of increasing wealth over time?

• investments

• expense

• fixed expenses

• income

• rental income

Comparing the cost of two or more goods or services in an effort to find the best value?

• credit card

• cost of living

• variable expenses

• interest

• cost comparison

Something that you owe that has negative economic value?

• cost of living

• credit card

• opportunity cost

• net income

• liability

Paid by another consumer for use of a building or house?

• interest

• net worth

• budget

• rental income

• gift card

Something you own that has positive economic value?

• budget

• asset

• net income

• cost-benefit analysis

• debit card