Budgeting and Financial Terms

A budget is:

• a plan for saving and spending money

• a type of investment

• a financial institution

• a form of currency

Income refers to:

• The total amount of money earned before any deductions.

• The total amount of money earned after all deductions.

• The total amount of money spent.

• The total amount of money saved.

What are expenses?

• Expenses are costs incurred in the process of earning revenue.

• Expenses are the profits earned by a company.

• Expenses are the total assets owned by a company.

• Expenses are the total liabilities of a company.

What are fixed expenses?

• Expenses that change every month

• Expenses that remain the same every month

• Expenses that occur only once

• Expenses that are optional

Variable expenses are:

• Fixed costs that do not change over time

• Costs that vary depending on production or sales volume

• Expenses that are always the same each month

• One-time costs that do not recur

What is savings?

• A method of investing money

• A way to spend money

• A method of setting aside money for future use

• A type of loan

What is debt?

• A financial obligation or amount owed by one party to another.

• A type of investment that involves owning a part of a company.

• A form of currency used in international trade.

• A government policy to control inflation.

A deficit is:

• an excess of income over expenditure

• a shortfall of income compared to expenditure

• a balanced budget

• an economic surplus

Tags

CCSS.6.NS.C.7C

A surplus is:

• a situation where demand exceeds supply

• a situation where supply exceeds demand

• a situation where demand equals supply

• a situation where there is no demand

Tags

CCSS.6.RP.A.3B

A balanced budget is when:

• government revenues equal government expenditures

• government revenues exceed government expenditures

• government revenues are less than government expenditures

• government revenues are unrelated to government expenditures

Tags

CCSS.6.NS.C.7C