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Budgeting
Test Description: Identify types of income and expenses
Instructions: Answer all questions to get your test result.
1) What is the term for the money you have coming in and going out?
A
Expense
B
Income
C
Budget
D
Cash flow
2) A plan for spending your money during a given period of time is a_____.
A
P.Y.F.
B
Budget
C
Goal
D
Expense
3) What does the M in SMART goals stand for?
A
Motivation
B
Materials
C
Money
D
Measurable
4) Which of the following influences financial decisions?
A
Mood
B
Opinions of family and friends
C
All choices
D
Values
5) Savings $20 a week for 6 months to buy new shoes is what type of goal?
A
Short-term
B
Intermediate-term
C
Long-term
D
None of the choices
6) What's a W-4 for?
A
To determine your spending plan
B
To calculate your tax deductions
C
To determine your gross income
D
To determine your expenses
7) What is the term for the difference in what you earn and what you get in your check?
A
Net income
B
Taxes
C
Gross Income
D
Deductions
8) Which of the following is an example of a fixed expense?
A
Rent
B
Mortgage
C
Car loan
D
All choices
9) Which of the following is an example of a variable expense?
A
Auto repair bill
B
Groceries
C
Auto insurance
D
Rent
10) Which of the following is an example of a periodic expense?
A
Rent
B
Auto insurance
C
Movies
D
Eating out
*select an answer for all questions
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