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- 1. Multiple Choice
What are fixed expenses?
Irregular expenses that change from week to week or month to month
The amount of money in your bank account
The amount of cash in your purse or wallet
Expenses that stay the same from week to week or month to month
- 2. Multiple Choice
What are variable expenses?
Irregular expenses that change from week to week or month to month
The amount of money in your bank account
Costs that do not fluctuate from week to week or month to month
The amount of cash in your purse/wallet
- 3. Multiple Choice
Is a cell phone bill a fixed or variable expense?
Fixed
Variable
Both fixed and variable
Neither fixed nor variable
- 4. Multiple Choice
After school snacks are a fixed expense.
True
False
- 5. Multiple Choice
A loan payment is a fixed expense.
True
False
- 6. Multiple Choice
Every month, Jack’s mother pays the following expenses: the house payment, the club membership, the car payment, and the cost of food. Which is a variable expense?
the house payment
the cost of food
the club membership
the car payment
- 7. Multiple Choice
Dara makes bracelets and sells them in her shop. Which is a fixed expense for Dara’s business?
the cost of the beads
the cost of the string
the cost of advertising
rent for her shop
- 8. Multiple Choice
Lexi is taking 3 courses at Community College. She pays $835 for each college course. She spends about $45 a week for 20 weeks to drive to school. How much does she spend on fixed expenses?
$900
$2,400
$2,505
$2,700
- 9. Multiple Choice
Mario paid off his car loan this year. His payments were $259 a month for each of the first 8 months. The last payment, in the ninth month, was $125. What was the total Mario paid in car payments this year?
$2,072
$384
$1,947
$2,197
- 10. Multiple Choice
Mario paid off his car loan this year. His payments were $259 a month for each of the first 8 months. The last payment, in the ninth month, was $125. Are the payments Mario paid during the first 8 months fixed or variable?
Fixed, because the amount did not change from month to month
Variable, because the amount changed from month to month
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