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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
Cash flow
D
Budget
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
Materials
C
Measurable
D
Motivation
4) Which of the following influences financial decisions?
A
All choices
B
Opinions of family and friends
C
Mood
D
Values
5) Savings $20 a week for 6 months to buy new shoes is what type of goal?
A
Long-term
B
Short-term
C
Intermediate-term
D
None of the choices
6) What's a W-4 for?
A
To determine your expenses
B
To determine your spending plan
C
To calculate your tax deductions
D
To determine your gross income
7) What is the term for the difference in what you earn and what you get in your check?
A
Net income
B
Deductions
C
Taxes
D
Gross Income
8) Which of the following is an example of a fixed expense?
A
All choices
B
Mortgage
C
Rent
D
Car loan
9) Which of the following is an example of a variable expense?
A
Auto repair bill
B
Auto insurance
C
Rent
D
Groceries
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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