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

Tags

CCSS.6.NS.B.3

Which is a synonym for "Variable Expense"?

• Living Expense

• Fixed Expense

• Annual Expense

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

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

Tags

CCSS.3.OA.D.9

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

Tags

CCSS.7.RP.A.3

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?

Tags

CCSS.7.EE.B.3