WorksheetsBudgeting Vocabulary
Total questions: 20
Worksheet time: 10mins
What is the 50/30/20 Budget method?
A budgeting method that allocates 50% to needs, 30% to wants, and 20% to savings and debt repayment
A budgeting method that allocates 30% to needs, 50% to wants, and 20% to savings and debt repayment
A budgeting method that allocates 20% to needs, 30% to wants, and 50% to savings and debt repayment
A budgeting method that allocates 40% to needs, 30% to wants, and 30% to savings and debt repayment
What is a Cash Envelope Budget?
A budgeting method where money is saved in a bank account
A budgeting method where money is placed in labeled envelopes according to budget categories
A budgeting method where money is invested in stocks
A budgeting method where money is spent without any categorization
What does 'Deficit' mean in budgeting terms?
When your income exceeds your expenses
When your expenses exceed your income
When your savings exceed your expenses
When your income equals your expenses
What is a Down Payment?
A portion of the total cost of an item paid at the time of purchase
The full cost of an item paid over time
A loan taken to cover the cost of an item
A refund received after purchasing an item
What is a Fixed Expense?
A cost that varies each month
A cost that can be expected at regular intervals and remains the same amount
A cost that is paid only once
A cost that decreases over time
What is Gross Pay?
Total earnings before any deductions are taken
Total earnings after payroll taxes and other deductions
Money received from investments
The lowest income necessary for a worker
What is the definition of Income?
Money received from work, investments, business, etc.
Total earnings before any deductions are taken
The lowest income necessary for a worker
Expenses that are essential for living
What does Living Wage refer to?
The lowest income necessary for a worker to meet their basic needs
Total earnings after payroll taxes and other deductions
A fixed amount paid over a period of time
When your income exceeds your expenses
What is Net Pay?
Total earnings after payroll taxes and other deductions have been taken out
Total earnings before any deductions are taken
Money received from work, investments, business, etc.
A strategy to save a specified amount of your paycheck
What is Renters Insurance?
A form of property insurance for renters covering losses and liability
A contract between a tenant and a landlord
A fixed amount paid over a period of time
The cost for one item or measurement
What is a Residential Lease?
A contract between a tenant and a landlord providing terms and costs for renting
A form of property insurance for renters
A fixed amount paid over a period of time
The cost for one item or measurement
What does Surplus mean in financial terms?
When your income exceeds your expenses and you have money leftover
Total earnings before any deductions are taken
Money received from work, investments, business, etc.
The lowest income necessary for a worker
What is Unit Price?
The cost for one item or measurement to compare similar products
A fixed amount paid over a period of time
Total earnings after payroll taxes and other deductions
A strategy to save a specified amount of your paycheck
What are utilities in the context of home or business expenses?
Optional luxury services
Basic services needed for comfort and functionality
Irregular expenses
Investments in property
What is a variable expense?
A fixed monthly cost
A cost that appears irregularly or changes in amount
A one-time purchase
A tax-deductible expense
What does variable income refer to?
Income that is the same every month
Income that varies from week to week or month to month
Income from investments
Income from a fixed salary
What is a wage?
A yearly salary
A set amount paid for every hour worked
A commission-based income
A bonus payment
What are wants in terms of expenses?
Necessary living expenses
Expenses that help you live more comfortably
Mandatory taxes
Emergency savings
How is wealth measured?
By the amount of money spent
By the number of properties owned
By assets minus liabilities
By annual income
What is a zero-based budget?
A budget with no savings
A budgeting method where every earning is assigned a role
A budget that only tracks expenses
A budget that ignores investments
