7.13BC - Budgets

What is a personal budget?

• A plan for how to spend someone else's money

• A plan for managing your income and expenses

• A list of all the things you want to buy

• A record of your favorite hobbies

Which of the following is considered a fixed expense?

• Groceries

• Rent

• Entertainment

• Clothing

• 5%

• 10%

• 15%

• 20%

What is the purpose of a net worth statement?

• To track daily expenses

• To calculate the total value of your assets minus liabilities

• To list all your monthly bills

• To plan your weekly meals

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

• Mortgage payment

• Utility bills

• Car insurance

• Internet subscription

• 10%

• 12%

• 15%

• 18%

Which of the following is considered a financial asset?

• Credit card debt

• A car loan

• A savings account

• Monthly rent

• $2000

• $3000

• $5000

• $7000