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WorksheetsBudget
Total questions: 10
Worksheet time: 10mins
Why is it important to keep a budget?
Budgets make sure you do not spend more money than you can afford.
Budgets can help you save for large purchases.
Budgets show you how much money you get and spend.
All of the above.
The goal of a budget is to SPEND less than you EARN.
True
False
What are Costs
Money received from the sale of the product or service
money left over after all the expenses are paid
the amount spent to make a product
money received from the sale of the product or service
What is Revenue?
The amount spent to make a product
Money received from the sale of the product or service
Money left over after all the expenses are paid
The cost of raw materials used in production
What is Profit?
Money received from the sale of the product or service
The cost of raw materials used in production
Money left over after all the expenses are paid
The amount spent to make a product
What is the meaning of Expenses?
Money left over after all the expenses are paid
The amount spent to make a product
Money received from the sale of the product or service
The cost of raw materials used in production
What is the definition of Operating Expenses?
Money received from the sale of the product or service
The cost of raw materials used in production
The costs associated with the day-to-day operations of a business
Money left over after all the expenses are paid
What is the meaning of Cost of Goods Sold (COGS)?
The direct costs attributable to the production of the goods sold in a company
Money left over after all the expenses are paid
Money received from the sale of the product or service
The costs associated with the day-to-day operations of a business
What is the definition of Direct Costs?
The costs that can be directly attributed to the production of a product
Money received from the sale of the product or service
Money left over after all the expenses are paid
The cost of raw materials used in production
What is the definition of Indirect Costs?
The costs that cannot be directly attributed to the production of a product but are necessary for operations
Money received from the sale of the product or service
Money left over after all the expenses are paid
The cost of raw materials used in production
