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Budgeting Flashcards | StudBud
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Budgeting
Budgeting
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Budgeting vocabulary
Flashcards
22 cards
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Questions
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Answers
1
Money that you pay out for goods and services are
Income
Expenses
none of these
Costs
2
Rent, Mortgage Payment, & Cell Phone Payment are
Fixed Expenses
Variable Expenses
Income
none of these
3
Good money management will provide you financial freedom and less stress
False
True
4
Balance Sheet formula is:
Revenue - Expenses = Net Income
Revenue - Liabilities = Net Worth
Assets - Liabilities = Net Worth
Assets - Expenses = Net Worth
5
Purchasing items that you didn't plan on buying is called:
impulse buying
over buying
buying surplus
buying mania
6
There is a relationship between _____ and _____.
Heredity and Income
Training and Income
Education and IQ
Education and Income
7
Before you purchase an item, ask yourself:
Is it something I need to live?
All of these
Can I manage without it?
Is it a necessity?
8
When your expenses are greater than your income.
net total
net gain
net income
net loss
9
Most families spend the largest part of the NMI on
car
housing
vacations
food
10
When your expenses are less than your income.
net loss
net gain
net income
take home pay
11
A record of income and expenses and a plan for managing your money.
Expense List
Financial Plan
Budget
none of these
12
You should always set aside a portion of your income to
save
, this is called:
Disposable Income
Padding Your Savings
Safe Investing
Pay Yourself First
13
Opportunity cost is
the item you gave up to purchase the item you chose.
the overall cost of all expenses
the interest on unpaid bills.
the cost of buying instead of saving
14
NMI stands for
none of these
new monthly income
newly managed income
net monthly income
15
Budgeting is not used to
Identify income and expenses.
Meet financial goals.
Track where their money is going.
Earn more money
16
Two types of expenses are
Static and variable
fixed and fluctuating
fixed and variable
fixed and uncertain
17
Money that is leftover after paying for
necessary
expenses for life
Net Income
Discretionary Income
Bonus Income
Pocket Money
18
With a zero-based budget
B. expenses equal income
C. The goal is 0
A. All expenses = 0
D. Both B and C
19
This includes: Wages, Salary, Tips, Interest earned on Savings, Gifts.
expense
income
opportunity costs
discretionary income
20
Grocery shopping, movies and entertainment, and buying furniture are:
Variable Expenses
Fixed Expenses
none of these
Income
21
The purpose of the balance sheet is to
Help you save money
Show net worth at one point in time
Show monthly income
22
Why do half of American families spend more than they make?
People spend too much money
all of these
People don’t save any money
People do not make enough money.
