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Worksheets

Budgeting

Total questions: 18

Worksheet time: 1hrs 17mins

Name
Class
Date
1.

Which of the following would be an example of an irregular gift?

a)

full time job

b)

par time job

c)

graduation gift

d)

a one time baby sitting job

2.

An example of flexible expense is

a)

mortgage payment

b)

car payment

c)

groceries

d)

cable bill

3.

Generally budgets are created for a ______

a)

week

b)

year

c)

month

d)

bi weekly

4.

Wants

a)

Necessary items for life that are paid monthly/yearly such as food, housing, transportation, utilities, insurances

b)

Expenses that equal all the fixed and variable expenses added together

c)

Things or tems that a person would like to own or purchase that is not necessary for life; Ex. entertainment, video games, etc.

d)

Income from all possible sources

5.

Budget

a)

Anything that you might incur an expense for

b)

Is a spending plan for managing your money that includes income and expenses

c)

All expenses deducted from income before net pay can result.

d)

Income after all deductions have been paid.

6.

Total monthly income

a)

Income from only one source

b)

Total income of your parents and siblings added to your income.

c)

Income from all possible sources.

d)

A spending plan of expenses

7.

Needs

a)

Necessary items that are paid monthly./yearly such as food, housing, transportation, utilities, & Insurance

b)

Things you would like to have but are not necessary for life.

c)

Income from all sources that are spent for necessary items

d)

Anything that you might incur an expense for.

8.

Total Expenses

a)

Is a spending lan for managing your money that includes income and expenses.

b)

All expenses deducted from income before net pay can result

c)

Expenses tat remain the same month after month such as mortgages, rent, car payments & insurances

d)

Expenses that equal all the fixed expenses and variable expenses

9.

Pay Stub

a)

Expenses that increase/decrease monthly or yearly EX: TV provider, internet, food, entertainment, utilities

b)

Hard or electronic copy of earnings that show all deductions and results in net pay

c)

Federal or State tax on your gross income

d)

Income left over after paying all expenses for the month or year.

10.

Fixed expenses

a)

Is a spending plan for managing your money

b)

Income from all possible sources

c)

Expenses that equal all the fixed & variable expenses.

d)

Expenses that remain the ssame month after month EX: mortgages, rent, car payments insurances

11.

Liabilities

a)

Anything that you might incur an expense for.

b)

All expenses deducted from income before net pay can result.

c)

Income left over after paying all expenses for he month or year

d)

Income from all possible sources.

12.

Variable expenses

a)

Necessary things or items that are paid monthly

b)

Expenses that increase/decrease monthly/yearly EX: Utilities, food, entertainment, internet, TV provider

c)

Is a spending plan for managing your money that includes income and expenses.

d)

Expenses that remain the same over a period of time.

13.

Deductions

a)

Hard or electronic copy of earnings

b)

Anything that you might incur an expense for

c)

All expenses deducted from gross pay that results in net pay.

d)

Federal or state tax paid after net pay is received

14.

Disposable income

a)

Income after all deductions have been paid

b)

Income before all deductions have been paid

c)

I don't know. Leave me alone!

d)

Income left over after all expenses are paid.

15.

Income tax

a)

Federal, state, and local taxes taken out as deductions from a person or business revenue source

b)

An occupation that allows for advancement opportunities

c)

Anything you might incur an expense for.

d)

Income after tax

16.

Gross Income

a)

Hard copy of revenue

b)

Income from all sources before deductions such as retirement, health insurance, federal, state, and local taxes, etc

c)

all expenses for the month

d)

income left over after taxes

17.

Net pay

a)

Revenue before deductions

b)

State and local taxes

c)

Income after all deductions have been paid

d)

I don't know i just want pizza and wings

18.

Career

a)

Working at McDonalds as only a cashier or cook

b)

Only washing the windows of cars at a car wash.

c)

An occupation that last for a long period of time in a person's life with opportunities for progress