Test 1 ~ Budgeting

(a)   is the amount you earn before taxes and other payroll deductions.

• budget
• gross income
• net income
• irregular income

The cost of rent or a car payment are examples of (a)   .

• budget
• discretionary expense
• fixed expense
• variable expense

Car insurance can be an (a)   ; it can be due at various times of the year.

• net income
• discretionary expense
• variable expense
• intermittent expense

A(n) (a)   varies in dollar amount from month to month, but it is expected every month. (1 Point)

• variable expense

• discretionary expense

• intermittent expense

• commission

A(n) (a)   is an expense you don't really need.

• variable expense
• discretionary expense
• intermittent expense
• fixed expense

A(n) (a)   should account for fixed, variable, intermittent, and discretionary expenses based on income. (1 Point)

• Cash-flow statement

• net income

• gross income

• variable expense

Which of the following is NOT a component of a budget?

• credit score

• income

• saving

• giving

How often should you create a budget?

• Daily

• Weekly

• Monthly

• Biannually

Going to the movies is an example of what types of expenses?

• Intermittent and variable

• Categories in their budget

• Discretionary and variable

• Intermittent and fixed

What kind of money counts as income?

• Only the money you make at your job

• All money that you receive, including money from your job and gifts

• Money in your savings account

• Only money deposited into your bank account