WorksheetsBudgeting
Total questions: 15
Worksheet time: 13mins
a series of envelopes that are divided into categories and are used to store cash for planned monthly expenses
intermittent expense
variable expense
envelope system
cash- flow statement
a plan for how you spend your money
budget
discretionary expense
commission
gross income
this type of expense stays the same each month
fixed income
variable expense
discretionary expense
fixed expense
expenses that occur at various times throughout the year and tend to be in large lump sums
variable expense
intermittent expense
fixed expense
discretionary expense
what a person earns after payroll taxes and other deductions are taken out
irregular income
commission
gross income
net income
an expense that changes based on usage
fixed expense
variable expense
discretionary expense
intermittent expense
What are the 4 walls?
Shelter
Transportation
Food
Utilities
Income
Giving
Saving
Spending
Fixed
Variable
Intermittent
Discretionary
None of these
What is the best way to describe a Zero-Based Budget?
Run your bank account down to zero
Not having a budget
A cash flow plan that assigns an expense to every dollar of your income
Having more expenses than you have income
Which of the following is a WANT?
food
water
TV
shelter
Which one of the following is a NEED?
AirPods
food
Netflix
Hulu
Which of the following is a benefit of using a budget?
helps keep track of money you receive
help to prioritize your spending
help reach short and long-term goals
all of the above
What do we call the separate fund that people should have just in case a situation arises where they need access to a substantial sum of money?
Rainy day fund
Emergency fund
Super fund
Overage fund
Budget
Anything that you might incur an expense for
Is a spending plan for managing your money that includes income and expenses
All expenses deducted from income before net pay can result.
Income after all deductions have been paid.
Katie plans on using the 50/30/20 rule for budgeting. How will she split her budget?
50% needs, 30% wants, 20% savings
50% saving, 30% needs, 20% wants
50% budget, 30% needs, 20% wants
$50 needs, $30 wants, $20 savings
Money received on a regular basis
Income
Expenses
50/30/20 Rule
Budget
