WorksheetsMastering Income and Expenses
Total questions: 15
Worksheet time: 8mins
Why is it important to track income and expenses?
To increase spending without limits.
To ignore financial goals and savings.
To avoid budgeting altogether.
It is important to track income and expenses to manage finances effectively and make informed financial decisions.
What are fixed expenses?
Fixed expenses are regular, recurring costs that do not fluctuate with production or sales volume.
Expenses that vary with production levels
One-time costs for specific projects
Costs that are only incurred during peak seasons
What are variable expenses?
Variable expenses are costs that only occur annually regardless of usage.
Variable expenses are costs that vary in amount and frequency, depending on consumption or usage.
Variable expenses are fixed costs that do not change over time.
Variable expenses are costs that are always predictable and consistent.
How can saving money impact your financial health?
Saving money leads to increased debt.
Saving money guarantees instant wealth.
Saving money improves financial health by providing security, enabling investments, and reducing financial stress.
Saving money has no effect on financial stability.
“You get $15 for cleaning your neighbor’s yard.”
A) Gifted Income
B) Earned Income
C) Passive Income
D) Surprise Income
“You get $20 from your grandma on your birthday.”
A) Earned Income
B) Fixed Income
C) Gifted Income
D) Passive Income
Fixed expenses are always the same amount.
Find out “Fixed” expenses:
Movie ticket
Monthly phone bill
Grocery shopping
Netflix subscription
You had to buy a new phone charger after yours broke. What kind of expense is that?"
A) Planned
B) Fixed
C) Unplanned
D) Variable
Statement: "Gifted income means you worked hard for it."
You get $10 from a savings account just for keeping your money there. What type of income is this?
A) Earned Income
B) Passive Income
C) Gifted Income
You pay the same amount every month for your piano lessons. What type of expense is this?
A) Fixed
B) Variable
C) Unplanned
D) Planned
A fixed expense is always a need.
select all that apply: School Uniform
Need
Want
Fixed Expense
Variable Expense
select all that apply: Birthday party decorations
Need
Want
Fixed Expense
Variable Expense
