WorksheetsFixed and Variable Expenses
Total questions: 41
Worksheet time: 3hrs 47mins
James receives a cellphone bill every month. This bill is a
variable expense
fixed expense
Ethan pays for car insurance every month. This payment is considered a
variable expense
fixed expense
variable expense
fixed expense
fixed expense
variable expense
Yuan bought four tickets to a concert. Each ticket costs the same amount. The cost of the concert tickets is a . . .
Fixed Expense
Variable Expense
Larry has had a storage unit for years. He pays $126 per month on the unit to hold his possessions.
Which of the following is a true statement?
A. The cost of the storage shed is a fixed expense.
B. The cost of the storage shed is a variable expense.
C. The cost of the storage shed is neither a fixed nor variable expense.
Jax buys his lunch at school every day. He spends $2.50 per day.
Which type of expense is Jax's lunch?
A. Fixed expense
B. Variable expense
Students can borrow money from a bank in order to pay for college. Then, they will pay the loan back each month. Which of the following is a true statement about the loan payment?
A. It is a variable expense because the cost will change each month.
B. It is a fixed expense because the cost will not change.
C. It is a fixed expense because students can usually pay off their loans in one year.
D. It is a variable expense because student's can choose not to pay the loan.
Trina lives in an apartment. The table shows some of the expenses that Trina paid for three months to live in the apartment.
Which expenses were variable expenses for Trina during these three months?
F. Water and Electricity only
G. Rent, Water and Electricity
H. Rent and Cable TV only
J. Cable TV only
The table shows the amounts Ms. McCulley paid for different expenses during the last three months.
Which expenses were fixed expenses for Ms. McCulley during these three months?
A. Groceries, gasoline, and utilities only
B. Rent and car payment only
C. None of the expenses
D. All of the expenses
Which expenses are FIXED expenses?
Rent, car payment, Disney+ subscription.
All of them
Groceries, Movie tickets, light bill
None
Which expenses are VARIABLE expenses?
Rent, car payment, Disney+ subscription.
All of them
Groceries, Movie tickets, light bill
None
The table shows the amount Natalia paid for dental insurance for four months.
What type of expense is Natalia's dental insurance payment?
Fixed Expense
Variable Expense
Fixed and Variable Expense
None of these
The table shows Gabriel's monthly expenses for three months. Based on the information on the table, which statement is false?
A. The car payment is a variable expense.
B. The entertainment payment is a variable expense.
C. The clothing payment is a variable expense.
D. The health insurance payment is a fixed expense.
Mario paid off his car loan this year. His payments were $259 a month for each of the first 8 months. The last payment, in the ninth month, was $125. Are the payments Mario paid during the first 8 months fixed or variable?
Fixed, because the amount did not change from month to month
Variable, because the amount changed from month to month
Dara makes bracelets and sells them in her shop. Which is a fixed expense for Dara’s business?
the cost of the beads
the cost of the string
the cost of advertising
rent for her shop
Every month, Jack’s mother pays the following expenses: the house payment, the club membership, the car payment, and the cost of food. Which is a variable expense?
the house payment
the cost of food
the club membership
the car payment
Each month, Sarah pays for her rent, gym membership, electricity bill, and groceries. Which of these is considered a variable expense?
rent
groceries
gym membership
electricity bill
Which of the following is an example of a fixed expense?
Dining out
Car repairs
Mortgage payments
Groceries
How can fixed expenses change?
Fixed expenses change every month.
They may change occasionally, such as with a new service provider.
Only by moving to a new house or apartment.
They can never change.
How can one save on variable expenses?
By moving to a cheaper home.
Variable expenses cannot be reduced.
By reducing nonessential spending like dining out.
By changing insurance providers once a year.
What is a suggested way to manage fixed expenses?
Consider finding cheaper options or negotiating bills.
Wait for sales before making any purchases.
Fixed expenses cannot be managed or reduced.
Only pay the minimum amount required.
Wants
Necessary items for life that are paid monthly/yearly such as food, housing, transportation, utilities, insurances
Expenses that equal all the fixed and variable expenses added together
Things or tems that a person would like to own or purchase that is not necessary for life; Ex. entertainment, video games, etc.
Income from all possible sources
Match the following
Income
The money a person gets from a job or for performing a service
Savings
Money that is set aside for later use
Expenses
Items that use up one's income
Budget
A plan for tracking a person's income and expenses.
Match the following
deductions
removed from gross income
net income
take home pay
expense
the cost of something
deposit
money added to your account
debit
money removed from your account
What is the main difference between fixed and variable expenses?
Fixed expenses remain constant, while variable expenses can vary.
Fixed expenses vary each month while variable expenses do not.
Variable expenses can be predicted easily, unlike fixed expenses.
Variable expenses are only for non-essential items.
How can fixed expenses change?
Fixed expenses change every month.
They may change occasionally, such as with a new service provider.
Only by moving to a new house or apartment.
They can never change.
What is a suggested way to manage fixed expenses?
Consider finding cheaper options or negotiating bills.
Wait for sales before making any purchases.
Fixed expenses cannot be managed or reduced.
Only pay the minimum amount required.
What is a benefit of tracking variable expenses closely?
It allows you to spend more on luxury items.
It helps in identifying opportunities to save money.
It increases your fixed expenses.
It is only beneficial for businesses, not individuals.
