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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
Budget
B
Cash flow
C
Income
D
Expense
2) A plan for spending your money during a given period of time is a_____.
A
Goal
B
Budget
C
Expense
D
P.Y.F.
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
Values
B
Mood
C
All choices
D
Opinions of family and friends
5) Savings $20 a week for 6 months to buy new shoes is what type of goal?
A
Long-term
B
None of the choices
C
Intermediate-term
D
Short-term
6) What's a W-4 for?
A
To determine your expenses
B
To calculate your tax deductions
C
To determine your gross income
D
To determine your spending plan
7) What is the term for the difference in what you earn and what you get in your check?
A
Deductions
B
Taxes
C
Net income
D
Gross Income
8) Which of the following is an example of a fixed expense?
A
Rent
B
Mortgage
C
All choices
D
Car loan
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
Auto insurance
B
Eating out
C
Rent
D
Movies
*select an answer for all questions
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