FinLit Vocab Quiz

What is a budget?

• A) A plan for your money

• B) Money subtracted from your paycheck

• C) The things you spend money on

• D) Money required by law to go to the government.

Deductions are: A) Money added to your paycheck B) Money subtracted from your paycheck C) Money spent on expenses D) Money saved for future use.

• A) Money added to your paycheck

• B) Money subtracted from your paycheck

• C) Money spent on expenses

• D) Money saved for future use.

An expense is: A) A plan for your money B) Money subtracted from your paycheck C) The things you spend money on D) Money required by law to go to the government.

• A) A plan for your money

• B) Money subtracted from your paycheck

• C) The things you spend money on

• D) Money required by law to go to the government.

Fixed expenses are items or payments that: A) Vary greatly each month B) Are generally predictable C) Are not required by law D) Are always unexpected.

• A) Vary greatly each month

• B) Are generally predictable

• C) Are not required by law

• D) Are always unexpected.

Taxes are: A) Money you save for future use B) Money required by law to go to the government C) Money spent on health benefits D) Money borrowed with the expectation to pay back.

• Money you save for future use

• Money required by law to go to the government

• Money spent on health benefits

• Money borrowed with the expectation to pay back.

Health benefits refer to: A) Money you pay towards health services B) Money you save for emergencies C) Money borrowed with the expectation to pay back D) Money required by law to go to the government.

• Money you pay towards health services

• Money you save for emergencies

• Money borrowed with the expectation to pay back

• Money required by law to go to the government.

Income is: A) Money you pay towards health services B) How much money you earn C) Money borrowed with the expectation to pay back D) Money required by law to go to the government.

• Money you pay towards health services

• How much money you earn

• Money borrowed with the expectation to pay back

• Money required by law to go to the government.

A money habit is: A) The choices you make with your money regularly B) Money you save for future use C) Money borrowed with the expectation to pay back D) Money required by law to go to the government.

• The choices you make with your money regularly

• Money you save for future use

• Money borrowed with the expectation to pay back

• Money required by law to go to the government.

Periodic expenses are items that: A) Occur monthly B) Occur annually, quarterly, or at unexpected times C) Are always predictable D) Are not required by law.

• Occur monthly

• Occur annually, quarterly, or at unexpected times

• Are always predictable

• Are not required by law

Variable expenses are items that:

• A) Are always predictable

• B) Vary in cost from month to month

• C) Are not required by law

• D) Are always unexpected.