WorksheetsBudgeting Review Quiz
Total questions: 10
Worksheet time: 16mins
Which of the following is MOST LIKELY a fixed expense?
dry cleaning bill
mortgage/rent payment
new all-season tires
Which of the following is MOST LIKELY a variable expense?
Rent payment
Electric payment
Student loan payment
Which of the following MOST ACCURATELY describes a budget deficit?
the money left over after all expenses are paid
not having enough money to cover expenses
the difference between income and expenses
What is the term that refers to money that is left over after you have paid bills and set aside money for savings?
discretionary income
principal
interest
Which of the following describes an effective filing system?
easy to use
logical
easy to access
all of the above
What is the recommended minimum percentage of a person’s paycheck that should go into savings?
20%
15%
10%
Which of the following identifies gross income?
money left after all the bills are paid
annual income
wages before withholdings
Which of the following identifies net income/net pay?
money left after all the bills are paid
annual income
take home pay
Which expense should take the largest portion of your budget?
transportation
housing
entertainment
Your Gross Pay is: $1500.00
Your Deductions are the following:
Federal Tax: $175.00
State Tax: $60.00
Social Security: 90.00
Health Care Insurance: $100.00
Savings: $150.00
What is the net income?
$925.00
$1075.00
$1025.00
