Business Math Chapter 3 Review

What is the maintenance of a history of one's activities, as financial dealings, by entering data in ledgers or journals, putting documents in files, etc?

• expenditures

• recordkeeping

• budget sheet

Items you spend money on is called....

• expenditures

• recordkeeping

• budget sheet

A report that management uses to predict the levels of assets, liabilities, and equity based on the budget for the current accounting period is known as what?

• expenditures

• recordkeeping

• budget sheet

Find the average monthly expenditure:

January $765.35, February $783.42, March $802.15, & April $697.99

• $762.28

• $762.23

• $1,016.30

Which is a synonym for "Variable Expense"?

• Living Expense

• Fixed Expense

• Annual Expense

Which is NOT an example of a living/variable expense?

• rent/mortgage

• electricity

• groceries

• entertainment

Check ALL that apply:

Which are examples of a FIXED expense?

• Groceries

• Rent/Mortgage

• Car Payment

• Car Registration

• Electricity

What compares the amount you actually spend to the amount you have in your budget?

• emergency fund

• expense summary

• expenditure

How much money should you have in an emergency fund?

• You don't need an emergency fund because life never throws you any curve balls.

• at least 1 month of your monthly income

• at least 3 months of your monthly income

• 2 years of your net income

The Zornows have always kept accurate records of their expenditures. At the end of March, they prepared an expense summary. They had planned to spend $220 on groceries. They actually spent $231.85. How much more or less did they spend on groceries than they had budgeted for?

• $11.85 more

• $11.85 less

• It's only a few dollars difference, what's it matter?