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BUDGETING TEST QUESTIONS AND ANSWERS | COMPLETE BUDGETING TEST STUDY GUIDE & PRACTICE EXAM 2026/2027

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BUDGETING TEST QUESTIONS AND ANSWERS | COMPLETE BUDGETING TEST STUDY GUIDE & PRACTICE EXAM 2026/2027

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BUDGETING TEST QUESTIONS AND ANSWERS | COMPLETE BUDGETING TEST
STUDY GUIDE & PRACTICE EXAM 2026/2027



Fixed expense - ANS ✔✔a cost that cannot be changed

Gross Income - ANS ✔✔the total amount of income from wages before any payroll deductions

Income - ANS ✔✔Cash flow coming in

PYF - ANS ✔✔Pay yourself first

Payroll deductions - ANS ✔✔The amounts subtracted from gross income which results in your net
income

Net income - ANS ✔✔Pay after deductions

Spending and Saving Plan - ANS ✔✔a plan for spending and saving money based on a person's goals
during a given time

Variable Expenses - ANS ✔✔expenses that change over time

Periodic Expenses - ANS ✔✔Expenses that aren't paid every month and can be either fixed or variable.

Unit Price - ANS ✔✔A unit rate that gives the cost per unit.

Take Home Pay - ANS ✔✔the amount of income left after taxes and other deductions are taken out of
your gross pay

Cash Flow - ANS ✔✔Money Coming in

Want - ANS ✔✔Something that you desire, but dont need

Need - ANS ✔✔Something essential

Short Term goal - ANS ✔✔Less than 3 months

Intermediate goal - ANS ✔✔3 months to a year

Long term goal - ANS ✔✔More than a year

Net Worth - ANS ✔✔Financial wealth

Asset - ANS ✔✔Something you own of economic

Liquid asset - ANS ✔✔can easily be turned into cash

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