Financial Literacy Test

Budgeting is crucial to your financial success.

• True
• False

If an expense can NOT be removed from your budget to save money, it is considered a __________________.

• Income
• Need
• Want
• Savings

Which one is a fixed (same amount, same time) payment?

• food
• power
• gas
• mortgage

Examples of fixed expenses include:

• Mortgage, loans, rent
• Cable, entertainment, food
• Gas, food, phone
• Clothing, gas, food

Fixed or variable expense: Groceries

• Fixed
• Variable

Fixed or variable expense: Rent

• Fixed
• Variable

Fixed or variable expense: Car payment

• Fixed
• Variable

Fixed or variable expense: Car insurance

• Fixed
• Variable

Medical care is an example of a ____________.

• Want
• Need

A car is an example of a ____________________.

• Want
• Need
• Both