Budgets

What two things does a budget compare?

• Income and Expenses
• Savings and Interest
• Income and Investments
• Expenses and Expenditures

The idea of a budget is to spend exactly as much as you spend.

• True

• False

Which is an example of a fixed expense?

• Cell Phone
• Utility bill
• Groceries
• Gasoline

Which of the following is a true statement about saving receipts?

• Saving receipts allows you to keep an accurate record of your spending.
• The more receipts you save, the more money you can save.

Variable expenses may not be the same every month.

• True
• False

When you set a budget, you should never revisit or adjust it.

• True
• False

This occurs when money is withdrawn from a bank account and the available balance goes below zero.

• overdraft
• reconcile
• balanced
• budgeting

This is a series of envelopes that are divided into categories(food, entertainment, gas, etc.) and are used to store cash for planned monthly expenses

• a written budget
• a written cash flow statement
• an impulse purchase
• an envelope system

You match your bank statement with your checkbook balance in order to balance or __________ your account.

• reconcile
• budget
• overdraw
• spend

Expenses that stay the same every month are _________ expenses. Rent would be an example.

• fixed
• discretionary 
• variable
• intermittent