Components of a Budget Quiz

The cost of groceries and gas is considered a

• variable expense

• fixed expense

• intermittent expense

What kind of expense stays the same from month to month?

• fixed expense

• variable expense

• intermittent expense

What will tracking expenses help you do?

• Stick to a budget

• Catch errors

• Make adjustments

• All of these

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.3

CCSS.7.NS.A.1

A zero-based budget is...

• Not important

• Your income minus your expenses that equals zero

• Where you have zero money to spend

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.3

CCSS.7.NS.A.1

What are the two types of money personalities?

• Saver and budgeting

• Saver and spender

• Budgeting and spender

What is irregular income?

• odd jobs you work that might change from week to week

• a regular 9 to 5 job

• your savings

What is commission?

• How much you save

• Making money based on a percentage of total sales made

• How much you spend

Tags

CCSS.7.RP.A.3

CCSS.7.RP.A.2

You should do a budget...

• Every week

• Every month

• Every year

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.3

CCSS.7.RP.A.3

If I go over my budget in a category, I should...

• Adjust my budget by cutting back on another category in order to make up what I overspent in the other category

• Keep buying more things

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.3

CCSS.7.NS.A.1

What is the envelope system in budgeting?

• Putting cash in an envelope to ensure you do not overspend on the categories of your budget

• Buying 100 envelopes, just to be safe

• Mailing letters