Budget Quiz

What is an irregular expense?

• Expenses that change from month to month.

• Costs that come up throughout the year, but do not occur regularly.

• An expense that does not change from period to period.

• All of the above

Which of the following is not an example of a deduction?

• Income Tax

• Dependent

• Group Insurance

• Social Security

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

• Taxes

• Medical bills

• Utility bills

• Gas

True or False: Gross income is your total pay after taxes.

• True

• False

What is the first step in creating a budget?

• List all your fixed expenses.

• Set your goals, and include them in your budget.

• Add up all your income.

• List all your variable expenses, starting with your needs first.

True or False: Fixed expenses are expenses that do not change.

• True

• False

Income is money received or earned for work and ___________.

Which answer choice is not the purpose of a budget?

• Essential

• Lifestyles

• Research

• Discretionary

Select all that Apply: What are our basic needs?

• Video Games

• Food

• Water

• Clothing

What is the primary purpose of creating a budget?

• To track your spending habits

• To ensure you spend all your money

• To plan for future expenses and savings

• To avoid paying taxes