Simple Budgeting

You need to consider both fixed and variable expenses when creating a budget.

• True

• False

What is the primary purpose of a budget?

• To track expenses

• To increase income

• To eliminate debt

• To plan for future financial goals

Which of the following is a fixed expense?

• Groceries

• Rent

• Utilities

• Entertainment

What does the term 'variable expense' refer to?

• Expenses that change monthly

• Fixed monthly payments

• Annual subscriptions

• Unexpected costs

In budgeting, what is the meaning of 'net income'?

• Total income before taxes

• Income after taxes and deductions

• Gross income

• Projected income

Which sentence uses the word 'budget' correctly?

• She budget her time wisely.

• He budgets his money every month.

• They budgeted to the store.

• We will budgeted for the trip.

Identify the correct sentence structure: 'Creating a budget helps in managing finances.'

• Subject-Verb-Object

• Subject-Verb-Complement

• Subject-Verb-Adverbial

• Subject-Verb-Indirect Object

What is the synonym of 'budget' in the context of financial planning?

• Expenditure

• Allowance

• Revenue

• Savings

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

• Mortgage payment

• Dining out

• Car insurance

• Electricity bill

What is the antonym of 'surplus' in budgeting terms?

• Deficit

• Profit

• Balance

• Excess