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WorksheetsBudgeting
Total questions: 24
Worksheet time: 14mins
Expenses that do not change are considered to be...
fixed expenses
variable expenses
irregular expenses
Costs that change over time are known as...
variable expenses
regular expenses
fixed expenses
Income earned prior to taxes and other deductions
net income
variable income
gross income
rate income
The amount of money you bring home after taxes / deductions
net pay
variable pay
gross pay
rate pay
Which among the following would represent a budget that is balanced?
income is greater than or equal to expenses
expenses is greater than or equal to income
gross income earned matches net income
tax deductions match the total revenue spent
Liabilities are...
anything you owe such as expenses.
your net worth prior to deductions.
the costs that are automatically removed from your paycheck
sources of income
something that is necessary for a person to live a healthy life
mad money
wants
needs
revenue
something desired but not necessary in order to live a healthy life
revenue
needs
wants
variables
An example of a fixed expense is:
clothing
auto insurance
an electric bill
educational expenses
_____ is commonly considered a
flexible or variable expense.
rent
mortgage payment
home insurance
entertainment
An example of a long-term goal would be:
an annual vacation.
saving for retirement.
buying a used car.
completing college within the next six months.
A(n) _______________ is an estimate of income and expenses for a set period of time.
variable
interest rate
exchange rate
budget
Which of the following are TRUE about gross income and net income? (hint: choose 2 correct answers)
Gross income and net income are the same
Net income is sometimes called "take home pay"
Gross income is the total amount earned before deductions
Net income is the total amount earned before deductions
Which of the following is NOT a cost of owning a car?
License and Registration fees
Gasoline
Utilities
Insurance
When making a budget, a person’s needs should come before their wants.
True
False
If an expense can be cut from your budget to save money, it is considered a ______.
want
need
income
savings
8.The money an individual spends regularly for items or services.
Budget
Expense
Checking Account
Financial Plan
Fixed or variable expense: Groceries
Fixed
Variable
Car Payment is an example of what: a fixed expense or a variable expense?
Fixed Expense
Variable Expense
Which among the following correctly shows the 50 / 20 / 30 rule of budgeting?
50% savings
20% everything else
30% essentials
50% essentials
20% savings
30% everything else
50% everything else
20% savings
30% essentials
50% essentials
20% everything else
30% savings
A(n) __________ is an estimate of income and expenses for a set period of time.
revenue
stock
variable
budget
