stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
BBI Chapter 12 Income Management Flashcards | StudBud
Explore
/
BBI Chapter 12 Income Management
BBI Chapter 12 Income Management
20 terms
·
StudBud Administration
·
291 plays
A review of key terms for personal budgeting.
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
Disposable Income is spent first on....
Vacations
Necessities
Luxuries
Eating out at restaurants
2
What is the purpose of making a budget?
To let you know how many lottery tickets to buy.
To help you plan and reach your long-term financial dreams!
To see how much you can save.
To know how much your overspend.
3
GROSS INCOME is ....
is the total amount of money earn
none of these
when you want to puke :(
your income after taxes
4
Discretionary income is used to buy...
Electricity for the house
Food / Groceries
Housing / Shelter
Vacations
5
What are some ways to improve your budget?
All of these
Price shop to spend less
Avoid impulse buying
Cut your discretionary spending
6
Expenses that occur regularly and for the same amount each time.
Business Budget
Fixed expenses
Variable expenses
Personal Budget
7
The money leftover after necessities are paid for is called...
Discretionary Income
Disposable Income
None of these
Deducted Income
8
What may influence you to spend too much?
Conspicuous Consumption
Peer Pressure
Lifestyle Advertising
All of these
9
Examples of INCOME for a business or person are...
all of these
sales
interest
wages
10
Which is a deduction that is deducted from your paycheque?
Income Tax
Canada Pension Plan (CPP)
All of these
Employment Insurance (EI)
11
The strong influence of people from one's own social group.
Peer Pressure
Conspicuous Consumption
Lifestyle Advertising
Money Management
12
What should be the LEAST important when creating a budget?
Purchasing Necessities
Satisfying Wants
Paying Fixed Expenses
Saving money for the future
13
A plan for wise spending and savings based on income and expenses.
A Bank Account
An allowance
A lottery ticket
A Budget
14
Daily financial activities to meet needs and wants within a limited income.
Peer Pressure
Money Management
Conspicuous Consumption
Lifestyle Advertising
15
Ads that implies that using the product or service being promoted will improve one's lifestyle.
Conspicuous Consumption
Lifestyle Advertising
Peer Pressure
Money Management
16
What is NOT an example of a VARIABLE expense?
Food
Clothing
Monthly Insurance Payment
Entertainment
17
The purchase of products or services with the primary purpose of impressing others.
Money Management
Conspicuous Consumption
Lifestyle Advertising
Peer Pressure
18
Used to pay for basic necessities such as food, clothing, and shelter.
Discretionary Income
Fixed Income
Disposable Income
all of these are correct
19
An expense that differs each time and is usually difficult to estimate in advance.
Personal Budget
Fixed expenses
Variable expenses
Business Budget
20
What is NOT an example of a FIXED expense?
Loan payment
Clothing
Rent
Mortgage payment
