Chapter 28 Vocab Review Question Preview (ID: 42056)
Ch 28 Vocab.
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The difference between the budgeted amount and the actual amount you spend.
a) Net Pay
b) Deficit
c) Surplus
d) Budget variance
Take-home pay
a) Salary
b) Gross pay
c) Net pay
d) Surplus
Things you want to accomplish.
a) Opportunity cost
b) Personal Financial Planning
c) Deficit
d) Goals
Spending, saving, and investing your money so you can enjoy the kind of life you want, along with financial security.
a) Opporunity Cost
b) Personal financial planning
c) Surplus
d) Budget Variance
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
Expenses that occur regularly and are regularly paid.
a) Variable expenses
b) Fixed expenses
c) Budget variance
d) Deficit
Extra money that can be spent or saved.
a) Gross pay
b) Deficit
c) Surplus
d) Budget variance
The result of more money being spent than is earned or received.
a) Deficit
b) Surplus
c) Budget Variance
d) Opportunity Cost
The total amount of money earned for a specific time.
a) Surplus
b) Opportunity Cost
c) Gross Pay
d) Net Pay
Expenses that change and can be controlled more easily than others.
a) Fixed expenses
b) Variable expenses
c) Deficit
d) Budget variance
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