WorksheetsCh. 2 Budgeting Pretest
Total questions: 12
Worksheet time: 6mins
Name
Class
Date
1.
What is a budget?
a)
A written plan for giving, saving, and spending
b)
Money received for work
c)
Income that comes in at different amounts or at different times, or both
d)
Expense that remains the same from month to month
2.
What is commission?
a)
Expense that remains the same from month to month
b)
Expense that varies in dollar amount from month to month
c)
Money received for work, as a gift, or through investments
d)
Earnings based on a percentage of the sales made
3.
What is a fixed expense?
a)
Money received for work, as a gift, or through investments
b)
Income that comes in at different amounts or at different times, or both
c)
Expense that remains the same from month to month
d)
Expense that varies in dollar amount from month to month
4.
What is a discretionary expense?
a)
Expense that remains the same from month to month
b)
Money received for work, as a gift, or through investments
c)
Expense that varies in dollar amount from month to month
d)
Expense for things you don’t need
5.
What is a cash-flow statement?
a)
A record that summarizes all of the income and outgo (spending) over a certain time period
b)
Expense that remains the same from month to month
c)
Money received for work, as a gift, or through investments
d)
Income that comes in at different amounts or at different times, or both
6.
What is irregular income?
a)
Expense that varies in dollar amount from month to month
b)
Money received for work, as a gift, or through investments
c)
Income that comes in at different amounts or at different times, or both
d)
Expense that remains the same from month to month
7.
What is net income?
a)
Expense that varies in dollar amount from month to month
b)
Income that comes in at different amounts or at different times, or both
c)
Expense that remains the same from month to month
d)
What a person earns after payroll taxes and other deductions are taken out
8.
What is a zero-based budget?
a)
Expense that remains the same from month to month
b)
Income that comes in at different amounts or at different times, or both
c)
Money received for work, as a gift, or through investments
d)
A cash-flow plan that assigns an expense to every dollar of your income
9.
What is an intermittent expense?
a)
Expense that remains the same from month to month
b)
Income that comes in at different amounts or at different times, or both
c)
Expense that occurs at various times throughout the year and tends to be in large, lump sums
d)
Money received for work, as a gift, or through investments
10.
What is gross income?
a)
Income that comes in at different amounts or at different times, or both
b)
Expense that varies in dollar amount from month to month
c)
Expense that remains the same from month to month
d)
The amount you earn before taxes and other payroll deductions
11.
What is income?
a)
Expense that remains the same from month to month
b)
Money received for work, as a gift, or through investments
c)
Expense that varies in dollar amount from month to month
d)
Income that comes in at different amounts or at different times, or both
12.
What is a variable expense?
a)
Money received for work, as a gift, or through investments
b)
Expense that remains the same from month to month
c)
Income that comes in at different amounts or at different times, or both
d)
Expense that varies in dollar amount from month to month
100 %
