Module 101: An Annual Budget: Question Preview (ID: 26146)


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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) Surplus
d) Budget

________are the things on which you spend money, such as food, clothing, rent, and transportation.Amounts paid for goods or services
a) PYF
b) Surplus
c) Income
d) Expenses

_______is the money you earn. Most people receive ____from working at a job; this is known as earned _______
a) Deficit
b) Income
c) PYF
d) Budget

Money that remains after expenses are paid.
a) Budget
b) Surplus
c) PYF
d) Deficit

Expenses that change from month to month, grocery bills, sick pet, a broken tooth, a flat tire, or a ruined pair of shoes—
a) Expenses
b) Variable Expenses or Unanticipated
c) opportunity cost
d) Fixed Expenses or Anticipated expenses

is the money you have left over after paying for the essentials, such as food, clothing, utilities, insurance, and shelter.
a) Deficit
b) Income
c) Discretionary Income
d) opportunity cost

whatever must be given up to obtain some item
a) Deficit
b) opportunity cost
c) Expenses
d) mortgage

______is—a plan for spending money.An estimate (usually by category) of expected income and expenses for a given period of time.
a) Budget
b) Income
c) PYF
d) Surplus

________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) Variable Expenses or Unanticipated
b) Expenses
c) Fixed Expenses or Anticipated expenses
d) opportunity cost

When there is not enough income to pay all expenses.
a) Budget
b) PYF
c) Income
d) Deficit

another name for an house payment is called _______
a) Income
b) Budget
c) Surplus
d) mortgage

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