Budget Question Preview (ID: 12858)


Budgeting Review. TEACHERS: click here for quick copy question ID numbers.

Net pay is
a) Your take home pay
b) Your pay after taxes and other deductions have been take out of your check
c) Gross pay minus deduction
d) All of these

A budget is
a) A plan for spending and saving
b) A way to track expenses
c) A way to track income
d) A way to track your waist line

All of the following is an example of an expense category but the following...
a) Housing
b) Food
c) Clothing
d) Tooth Paste

At the end of the month, find the total amount spent in each budget category... then
a) put all your extra money in savings.
b) try to get another job if you are short
c) Analyze and adjust your budget
d) get rid of the budget if you over-spend.

Your gross income is equal to net income minus taxes.
a) True
b) False
c) Not this one
d) Not this one

A budget should not include any amount for personal savings.
a) True
b) False
c) Not this one
d) Not this one

Setting goals is an important part of starting a budget.
a) True
b) False
c) Not this one
d) Not this one

It is important to put some fun money in your budget.
a) True
b) False
c) Not this one
d) Not this one

A good rule of thumb is to have one month of expense saved up in an emergency account.
a) True
b) False
c) Not this one
d) Not this one

Bills that vary monthly depending on amount owed
a) Variable Expenses
b) Fixed Expenses
c) Net Pay
d) Gross Pay

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