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Chapter 28 Vocab Review
Test Description: Ch 28 Vocab
Instructions: Answer all questions to get your test result.
1) The difference between the budgeted amount and the actual amount you spend.
A
Deficit
B
Surplus
C
Net Pay
D
Budget variance
2) Take-home pay
A
Salary
B
Net pay
C
Gross pay
D
Surplus
3) Things you want to accomplish.
A
Deficit
B
Personal Financial Planning
C
Goals
D
Opportunity cost
4) Spending, saving, and investing your money so you can enjoy the kind of life you want, along with financial security.
A
Budget Variance
B
Surplus
C
Personal financial planning
D
Opporunity Cost
5) Sometimes called a trade-off; what you give up when you make one choice instead of another.
A
Opportunity Cost
B
Surplus
C
Goals
D
Budget variance
6) Expenses that occur regularly and are regularly paid.
A
Budget variance
B
Variable expenses
C
Deficit
D
Fixed expenses
7) Extra money that can be spent or saved.
A
Budget variance
B
Gross pay
C
Deficit
D
Surplus
8) The result of more money being spent than is earned or received.
A
Surplus
B
Budget Variance
C
Opportunity Cost
D
Deficit
9) The total amount of money earned for a specific time.
A
Gross Pay
B
Opportunity Cost
C
Surplus
D
Net Pay
10) Expenses that change and can be controlled more easily than others.
A
Deficit
B
Variable expenses
C
Fixed expenses
D
Budget variance
*select an answer for all questions
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