Chapter 28 Vocab Review Question Preview (ID: 42056)

Ch 28 Vocab. TEACHERS: click here for quick copy question ID numbers.

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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