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