Unit 1 OCS FM Review Lesson 1 and 2

Front

What is a budget?

Back

A budget is a plan that outlines expected income and expenses over a specific period, helping individuals manage their finances.

Front

Can a budget be adjusted after it is written?

Back

False. A budget can be adjusted as needed to reflect changes in income or expenses.

Front

What is a fixed expense?

Back

A fixed expense is a cost that does not change from month to month, such as rent or a monthly subscription.

Front

What is a variable expense?

Back

A variable expense is a cost that can change from month to month, such as groceries or gas.

Front

What is a periodic expense?

Back

A periodic expense is a cost that occurs at irregular intervals, such as car maintenance or insurance payments.

Front

How do you calculate monthly savings for a purchase?

Back

Divide the total cost of the item by the number of months until the purchase.

Front

If you want to buy a $50 gift in 2 months, how much do you need to save each month?

Back

$25.00

Front

If you want to buy a $300 cell phone in 3 months, how much do you need to save each month?

Back

$100.00

Front

What type of expense is a monthly bus pass?

Back

Fixed expense.

Front

What type of expense is purchasing gas for your car?

Back

Variable expense.