WorksheetsTest 1 ~ Budgeting
Total questions: 15
Worksheet time: 11mins
(a) is the amount you earn before taxes and other payroll deductions.
The cost of rent or a car payment are examples of (a) .
Car insurance can be an (a) ; it can be due at various times of the year.
A(n) (a) varies in dollar amount from month to month, but it is expected every month. (1 Point)
variable expense
discretionary expense
intermittent expense
commission
A(n) (a) is an expense you don't really need.
A(n) (a) should account for fixed, variable, intermittent, and discretionary expenses based on income. (1 Point)
Cash-flow statement
net income
gross income
variable expense
Which of the following is NOT a component of a budget?
credit score
income
saving
giving
How often should you create a budget?
Daily
Weekly
Monthly
Biannually
Going to the movies is an example of what types of expenses?
Intermittent and variable
Categories in their budget
Discretionary and variable
Intermittent and fixed
What kind of money counts as income?
Only the money you make at your job
All money that you receive, including money from your job and gifts
Money in your savings account
Only money deposited into your bank account
What should you do if you overspend in one category of your budget?
Adjust your budget by removing money from other spending categories
Take money from the Giving category. You're giving to yourself.
Just leave it. It will probably work out fine.
Ask a friend for the money you overspent.
Commission is when you make money based on percentage of __________.
Budgets
Investments
Items sold
Total sales
Why is budgeting so important?
It's a good way to make sure all your money is spent by the end of the month
It helps you figure out the best way to justify purchases that maybe aren't necessary
It gives you control of your money and sets you up for financial success in the future
It helps you brush up on your math skills
The primary reason people don't budget is because they lack the knowledge how to budget.
True
False
Gas for your car would be an example of a variable expense.
True
False
