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business ch2
| Question | Answer |
|---|---|
| Taxes and withholdings impact your ____ ______, the money you take home from your paycheck. | New income |
| The cost of groceries and gas is considered a _______ _______ | Variable expense |
| To budget with an _______ _____, prioritize expenses from most to least important so your most important so your most important expenses are covered first | Irregular income |
| A _________ _________ needs to be evaluated in light of your other expenses for the month | Discretionary expense |
| A ________ ______ stays the same from month to month | Fixed expense |
| A ____ ______ _______ should account for fixed, variable, intermittent, and discretionary expenses based on income | Zero-based budget |
| A budget doesn’t tell you to spend. A budget actually | permits you to spend |
| The envelope system is beneficial for expenses like | Food, gas, entertainment, and shopping |
| The 3 priorities in your budget, after listing income, are | giving, saving, spending |
| Specific categories are important to consider when creating a budget so you can | Break down your income and spending |
| What’s it called when you make money on the percentage of the total sales you make? | Commission |
| Which of the following is not a type of discretionary expense? | Depreciation |
| What's your biggest wealth-building tool? | Income |
| If you approach money with a generous spirit, you‘ll be: | More grateful |
| A zero-based budget is when income minus expenses (giving, saving, and spending) equals | zero |
| How often should you budget? | Every month |
| What's rent an example of? | Fixed expense |
| The best way to budget is | the best way that works for you. |
| Can you budget with an irregular income? | yes |
| Budgeting helps how? | Budgeting gives you control of your money and sets you up for future financial success. |
| The envelope system is | a method that uses envelopes labeled with specific budget categories for your cash |
| Irregular income fluctuates from month to month. Ex: commission-based jobs, seasonal/retails jobs, or a grass cutting business | true |
Created by:
evrice