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- 1. Multiple Choice
What is the definition of deficit?The amount by which something, especially a sum of money is too small.Costs that do not flucutate with changes in production level or sales volume.Income remaining after the deduction of taxes and other mandatory changes available to be spent or saved as ones wishes.Planning or budgeting process where total revenues are equal to or greater than total expenses. - 2. Multiple ChoiceWhat is the definition of income?Require something because it is essental or very important.An account that is used to set aside funds to be used in an emergency.Money received, especially on a regular basis, for work or through investments.An estimate of income and expenditure for a set period of time.
- 3. Multiple ChoiceWhat is the definiton of balanced budget?Goals that take more than a year to accomplsh.Planning or budgeting process where total revenues are equal to or greater than total expenses.Income remaining after deduction of taxes, other mandatory changes, and expenditure on necessary items.The object of a person's ambtion or effort.
- 4. Multiple ChoiceWhat is the definition of emergency fund?Costs that vary depending on a company's production volume.An estimate of income and expenditure for a set period of time.An account that is used to set aside funds to be used in an emergency.Helps outline where income is earned and expanses are used.
- 5. Multiple ChoiceWhat is the defintion goals?Planning or budgeting process where total revenues are equal to or greater than total expenses.The object of a person's ambition or effort.Costs that do not flucutate with changes in production level or sales volume.An estimate of income and expenditure for a set period of time.
- 6. Multiple ChoiceWhat is the defintion of budget?An estmate of income and expenditure for a set period of time.The loss of potental gain from other alternatives when one alternative is chosen.Sum of all incomes received by all individuals or household during a given period.To have a desire to possess or do.
- 7. Multiple ChoiceWhat is the defintion of dscretionary income?Goals that take up 3-6 months, but can take up to 12 months.Costs that vary depending on a company's production volume.An amount of somethng left over when requirements have been met.Income remaining after deduction of taxes, other mandatory changes, and expenditure on necessary items.
- 8. Multiple ChoiceWhat is the defintion of needs?Income remaning after deduction of taxes and other mandatory changes available to be spent or saved as ones wishes.Requre something because it is essental or very important.The object of a person's ambtion or effort.A phrase refering to the idea that investors should routinely and automaically put money into savings before spending on anything else.
- 9. Multiple ChoiceWhat s the definition of long term goals?An account that is set aside funds to be used in an emergency.The object of a person's s ambition effort.Goals that take up to 3-6 months, but can take up to 12 months to accomplish.Goals that take more than a year to accomplish
- 10. Multiple ChoiceWhat is the defintion of disposable income?Income remaining after the deduction of taxes and other mandatory changes available to be spent or saved as ones wishes.A balance achieved between two desirable, but incompatiable features.Imcome remaining after the deduction of taxes, other mandatory changes, and expenditure on necessary items.Helps outline where income is earned and expenses are used.
- 11. Multiple ChoiceWhat is the definition of fixed expense?The loss of potential gain from other alternatives when one alternative is chosen.Sum of all incomes receive by all individuals or household during a given period.Planning or budgeting process where total revenues are equal to or greater than total expenses.Costs that do not flucutate with changes in production level or sales volume.
- 12. Multiple ChoiceWhat is the definition of intermediary goals?Require something because it is essential or very important.Goals that take up to 3-6 months, but can take up to 12 months to accomplish.Money received, expecially on a regular basis for work or through investments.The amount by which something, especally a sum of money is too small.
- 13. Multiple ChoiceWhat is the definition of opportunity cost?The loss of potential gain from other alternatives when one alternative is chosen.An estmate of income and expenditure for a set period of time.Costs that do not flucutate with changes in production level or sales volume.To have a desire to possess or do.
- 14. Multiple ChoiceWhat is the definition of opportunity cost?The loss of potential gain from other alternatives when one alternative is chosen.Planning or budgeting process where total revenues are equal to or greater than total expenses.Costs that do not flucutate with changes in production level or sales volume.To have a desire to possess or do.
- 15. Multiple ChoiceWhat is the definition of wants?Goals that take up to 3-6 months, but can take up to 12 months to accomplish.Costs that vary depending on a company's production volume.To have a desire to possess or do.A phrase refering to the idea that investors should routinely and automaically put money into savings before spending on anything else.
- 16. Multiple ChoiceWhat is the defintion of pay yourself first?Money received, especially on a regular basis for work or through investments.Require something because it is essential or very important.A phrase refering to the idea that investors should automatically put money into savings before spending on anything else.The object of a person's ambtion or effort.
- 17. Multiple ChoiceWhat is the definition of surplus?An estmate of income and expenditure for a set period of time.Helps outline where income is earned and expanses are used.Planning or budgeting process where total revenues are equal to or greater than total expenses.An amount of something left over when requirements have been met.
- 18. Multiple ChoiceWhat is the definition of personal income?Sum of all the incomes received by all individuals or household during a given period.A balance achieved between two desirable, but incompatiable features.The loss of potental gain from other alternatives when one alternative is chosen.Goals that take up to 3-6 months, but can take up to 12 months to accomplish.
- 19. Multiple ChoiceWhat is the definition of spending plan?Helps outline where income is earned and expenses are used.Goals that take more than a year to accomplishCosts that vary depending on a company's production volume.
- 20. Multiple ChoiceWhat is the definition of variable expense?Something you want to do in the near futureIncome remaning after deduction of taxes and other mandatory changes available to be spent or saved as ones wishes.Costs that vary depending on a company's production volume.
- 21. Multiple ChoiceWhat is the defintion of trade off?A balance achieved between two desirable, but incompatiable feature.An individual's total earnings from wages, investments, and other ventures.An amount of something left over when requirements have been met.
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