Introduction to Business

Section 2: Money Management

Self-Checks

1
A method of planning to get the most from one's money is called _________ .
A)budgeting
B)money management
C)financial planning
D)record keeping
2
A good budget helps people set _________ for spending and saving, and it also helps track their money.
A)benchmarks
B)limits
C)goals
D)priorities
3
Planning a budget involves _________ steps.
A)five
B)seven
C)six
D)eight
4
The first step in the budgeting process is _________ .
A)develop a savings plan
B)record what you spend
C)estimate income
D)set goals
5
Amounts that are taken out of your pay before you receive your paycheck are called _________ .
A)deductions
B)holdouts
C)exemption
D)reductions
6
If your gross pay for one week is $1,000, your net pay will be _________ .
A)about $1,000
B)less than $1,000
C)exactly $1,000
D)more than $1,000
7
Take home pay is another name for _________ .
A)gross pay
B)income less expenses
C)income
D)net pay
8
Expenses that occur regularly and are regularly paid are called _________ .
A)everyday expenses
B)regular expenses
C)fixed expenses
D)variable expenses
9
The difference between a budgeted amount and the actual amount you spend is called a budget _________ .
A)deficit
B)surplus
C)outlay
D)variance
10
If you spend less than you budgeted you will have a budget _________ .
A)deficit
B)shortfall
C)error
D)surplus
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