Budgeting-Vocabulary Quiz

What is an expenditure?

• An amount of money saved

• An amount of money spent

• An amount of money borrowed

• An amount of money invested

Tags

CCSS.7.RP.A.2

CCSS.7.RP.A.3

What are monthly living expenses?

• Expenses that occur once a year

• Expenses that vary from month to month

• Expenses that are fixed every month

• Expenses that are optional

Which of the following is an example of a fixed expense?

• Food

• Utility bills

• Rent

• Transportation costs

What is a need?

• A luxury item

• An essential for daily life

• A non-essential service

• A monthly subscription

What is a want?

• An essential item

• A necessary service

• A nice-to-have item

• A fixed expense

What are annual expenses?

• Expenses paid monthly

• Expenses paid weekly

• Expenses paid once a year

• Expenses paid daily

What is the formula for balance?

• Total Income + Total Expenses

• Net Income - Total Monthly Expenses

• Total Expenses - Net Income

• Net Income + Total Monthly Expenses

Tags

CCSS.HSA.CED.A.4

CCSS.HSA.SSE.A.1

CCSS.HSA.SSE.B.3

What is an expense summary?

• A list of all debts

• A summary of income sources

• A summary sheet comparing budgeted and spent amounts

• A list of all investments

How is average monthly expenditure calculated?

• Total Monthly Expenditures × Number of Months

• Sum of Monthly Expenditures ÷ Number of Months

• Total Monthly Expenditures ÷ Number of Months

• Sum of Monthly Expenditures × Number of Months

Tags

CCSS.7.SP.B.4

Which of the following is NOT a monthly living expense?

• Food

• Utility bills

• Life insurance

• Transportation costs

Tags

CCSS.7.EE.B.3