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Module 101: An Annual Budget
Test Description: Module 101: An Annual Budget
Instructions: Answer all questions to get your test result.
1) When there is not enough income to pay all expenses.
A
Income
B
Budget
C
PYF
D
Deficit
2) ________Expenses that stay the same each month._______ the regular bills that you must pay every week, month, or year. Credit card bills, phone and utility bills, rent, insurance
A
Expenses
B
opportunity cost
C
Variable Expenses or Unanticipated
D
Fixed Expenses or Anticipated expenses
3) ______is—a plan for spending money.An estimate (usually by category) of expected income and expenses for a given period of time.
A
Income
B
PYF
C
Surplus
D
Budget
4) whatever must be given up to obtain some item
A
mortgage
B
Deficit
C
Expenses
D
opportunity cost
5) is the money you have left over after paying for the essentials, such as food, clothing, utilities, insurance, and shelter.
A
Income
B
opportunity cost
C
Discretionary Income
D
Deficit
6) Expenses that change from month to month, grocery bills, sick pet, a broken tooth, a flat tire, or a ruined pair of shoes—
A
opportunity cost
B
Fixed Expenses or Anticipated expenses
C
Variable Expenses or Unanticipated
D
Expenses
7) Money that remains after expenses are paid.
A
PYF
B
Surplus
C
Deficit
D
Budget
8) _______is the money you earn. Most people receive ____from working at a job; this is known as earned _______
A
Deficit
B
PYF
C
Budget
D
Income
9) ________are the things on which you spend money, such as food, clothing, rent, and transportation.Amounts paid for goods or services
A
Expenses
B
PYF
C
Income
D
Surplus
10) Pay Yourself First - Whenever you receive money, you should immediately put a certain amount of it into some sort of savings account.
A
PYF
B
Income
C
Budget
D
Surplus
11) another name for an house payment is called _______
A
mortgage
B
Budget
C
Surplus
D
Income
*select an answer for all questions
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