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WorksheetsBusiness Math Chapter 3 Review
Total questions: 12
Worksheet time: 23mins
What is the maintenance of a history of one's activities, as financial dealings, by entering data in ledgers or journals, putting documents in files, etc?
expenditures
recordkeeping
budget sheet
Items you spend money on is called....
expenditures
recordkeeping
budget sheet
A report that management uses to predict the levels of assets, liabilities, and equity based on the budget for the current accounting period is known as what?
expenditures
recordkeeping
budget sheet
Find the average monthly expenditure:
January $765.35, February $783.42, March $802.15, & April $697.99
$762.28
$762.23
$1,016.30
Which is a synonym for "Variable Expense"?
Living Expense
Fixed Expense
Annual Expense
Which is NOT an example of a living/variable expense?
rent/mortgage
electricity
groceries
entertainment
Check ALL that apply:
Which are examples of a FIXED expense?
Groceries
Rent/Mortgage
Car Payment
Car Registration
Electricity
What compares the amount you actually spend to the amount you have in your budget?
emergency fund
expense summary
expenditure
How much money should you have in an emergency fund?
You don't need an emergency fund because life never throws you any curve balls.
at least 1 month of your monthly income
at least 3 months of your monthly income
2 years of your net income
The Zornows have always kept accurate records of their expenditures. At the end of March, they prepared an expense summary. They had planned to spend $220 on groceries. They actually spent $231.85. How much more or less did they spend on groceries than they had budgeted for?
$11.85 more
$11.85 less
It's only a few dollars difference, what's it matter?
You're monthly budget is $2,500. You spent $600 on transportation all together between the car payment, insurance, and gas. What percent of your budget was spent on transportation?
41.7%
76%
24%
What happens if you do not pay your car loan?
they repossess (take back) your car along w/ possible fines & lowering your credit score
you just incur late fees until you can pay
the company sues you
