The Ultimate Non-fixed Expenses Quiz
by Staff
Chances are that if you do not already have a budget you have no idea how your non-fixed expenses add up. A major part of any budgeting process is to get a good handle on non-fixed expenses. Try our quiz and make sure you are budget wise.

What is a most important step to managing your finances?

  • Identifying expenses
  • budgeting

Once your budget is laid out on paper you need to move to make sure that:

  • It is kept somewhere safe.
  • It is updated occasionally.
  • It is balanced.

What is a crucial first step to developing a budget?

  • determining income
  • determining credit card balances
  • determining your checking account balance

How many types of expenses are included in a budget?

  • two
  • three
  • four

Which of the following are fixed expenses?

  • mortgage, car payment, and loan payment
  • internet, cable TV and satellite TV
  • both answers

Why is it much harder to manage non-fixed expenses?

  • Non-fixed expenses are harder to manage, because people like to have fun.
  • Non-fixed expenses are harder to manage because they include your wants and needs.
  • Non-fixed expenses are harder to manage because of inflation.

When is keeping to a budget more difficult than normal?

  • variable monthly income
  • if you are single
  • if you rent

Which of the following are non-fixed expenses?

  • utilities and cell phone
  • child support and alimony
  • groceries and car repairs

What is unique about some non-fixed expenses that you have to plan for in your budget?

  • had to prevent
  • hard to predict
  • hard to do without

What is one non-fixed expense that most working folks can’t do without?

  • lunch money
  • lottery tickets
  • gas money

What is the best way to figure out how much you spend on non-fixed expenses each month?

  • Save receipts.
  • Keep a journal.
  • both

When you analyze your diary of variable expenses, what are you looking for?

  • Look for expenses that you see regularly in the diary.
  • Look for expenses that come up almost every day so they can be added up and moved to fixed expenses.
  • Look for money that you spend on others so you can cut those expenses.

What is a balanced budget?

  • Your expenses are equal to your income.
  • You spend less than you earn.
  • You invest the money that is left each month.

What is one of the toughest exercises when balancing a budget and analyzing non-fixed expense?

  • trying to convince a partner to reduce their expenses
  • trying to separate the wants from the needs
  • trying to separate the necessary from the unnecessary

How much of your income should you attempt to allow for savings when you are trying to balance your budget?

  • 5 percent
  • 10 percent
  • 15 percent