Budgeting

Expenses that do not change are considered to be...

• fixed expenses

• variable expenses

• irregular expenses

Answer explanation

Costs that change over time are known as...

• variable expenses

• regular expenses

• fixed expenses

Answer explanation

sweeeeeeeet

Income earned prior to taxes and other deductions

• net income

• variable income

• gross income

• rate income

Answer explanation

The amount of money you bring home after taxes / deductions

• net pay

• variable pay

• gross pay

• rate pay

Answer explanation

Which among the following would represent a budget that is balanced?

• income is greater than or equal to expenses

• expenses is greater than or equal to income

• gross income earned matches net income

• tax deductions match the total revenue spent

Answer explanation

Liabilities are...

• anything you owe such as expenses.

• your net worth prior to deductions.

• the costs that are automatically removed from your paycheck

• sources of income

Answer explanation

something that is necessary for a person to live a healthy life

• mad money

• wants

• needs

• revenue

Answer explanation

something desired but not necessary in order to live a healthy life

• revenue

• needs

• wants

• variables

Answer explanation

An example of a fixed expense is:

• clothing

• auto insurance

• an electric bill

• educational expenses

Answer explanation

_____ is commonly considered a

flexible or variable expense.

• rent

• mortgage payment

• home insurance

• entertainment