Financial Literacy Quiz

What is a written plan for saving, giving, and spending called?

• Income

• Budget

• Net income

• Gross income

What term describes money received as a gift, working, or investment?

• Fixed expense

• Variable expense

• Income

• Discretionary expense

Which type of expense remains the same from month to month?

• Variable expense

• Fixed expense

• Intermittent expense

• Discretionary expense

What is an expense that varies in dollar amount from month to month?

• Fixed expense

• Variable expense

• Intermittent expense

• Discretionary expense

What type of expense occurs at various times throughout the year in large, lump sums?

• Fixed expense

• Variable expense

• Intermittent expense

• Discretionary expense

What is a cashflow plan that assigns an expense to every dollar of your income?

• Zero-based budget

• Net income

• Gross income

• Cash-flow statement

What is the term for what a person earns after payroll taxes and other deductions are taken out?

• Gross income

• Net income

• Income

• Budget

What is the amount you earn before taxes or other payroll deductions?

• Net income

• Gross income

• Income

• Budget

What summarizes all the income and outgo over a certain time period?

• Cash-flow statement

• Zero-based budget

• Net income

• Gross income

What is income that comes in different amounts or at different times?

• Fixed expense

• Variable expense

• Irregular income

• Discretionary expense