Unit 2 Review

Front

Which of the following is a fixed expense? Electric bill, Rent, Entertainment, Groceries

Back

Rent

Front

Which of the following is a variable expense?
Mortgage, Rent, Student Loan Payment, Gas

Back

Gas

Front

What spending can negatively affect your budget?

Back

Impulse buying

Front

The process of creating a plan to spend your money is called ....

Back

A budget

Front

A detailed and organized strategy that outlines an individual's financial goals and strategies for achieving them is called a

Back

Financial Plan

Front

The first step in budgeting is....

Back

Determining your financial goals

Front

Compound interest is....

Back

Earning interest on the principal and the interest each year.

Front

Items like food, housing, and transportation to work are essential for survival, and are considered ...

Back

Needs

Front

Which type of spending is unplanned and on a whim, often without considering the long-term impact on finances?

Back

Impulse Spending

Front

Which type of income brings in money but requires little or no effort after the initial setup?

Back

Passive income