
Understanding Budget Basics
Authored by Timothy Laha
Business
11th Grade
Used 1+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of income in the context of budgeting?
Money spent on necessary expenses
Money received for work, as a gift, or through investments
Money saved for future use
Money borrowed from a bank
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a fixed expense?
Grocery bills
Monthly rent
Entertainment costs
Vacation trips
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of expense is characterized by varying amounts each month but is expected to occur every month?
Fixed Expense
Variable Expense
Intermittent Expense
Discretionary Expense
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which expense occurs at various times throughout the year and tends to be in large, lump sums?
Fixed Expense
Variable Expense
Intermittent Expense
Discretionary Expense
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a discretionary (nonessential) expense?
An expense for things you don’t need
An expense that is necessary for survival
An expense that occurs regularly
An expense that is always the same amount
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a basic component of a budget?
Income
Expenses
Savings
Credit score
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to understand the different types of expenses when creating a budget?
To ensure you spend all your money
To avoid paying taxes
To effectively plan and manage your finances
To increase your income
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