Multiple-Choice Quiz

1. What is a budget?
 A) A financial plan that outlines expected income and expenses over a
specific period
 B) A plan for spending money without any restrictions
 C) A list of things you want to buy
 D) A way to track past expenses
2. Which of the following is considered income?
 A) Rent payment
 B) Salary from a part-time job
 C) Payment for groceries
 D) Utility bills
3. What is the difference between fixed and variable expenses?
 A) Fixed expenses are one-time costs, while variable expenses occur
regularly
 B) Fixed expenses change often, while variable expenses are constant
 C) Fixed expenses remain the same each period, while variable expenses
can change
 D) Fixed expenses are higher than variable expenses
4. What does a balanced budget mean?
 A) Income is greater than expenses
 B) Expenses are greater than income
 C) Income equals expenses
 D) Expenses are reduced to zero
5. What is profit?
 A) The amount left after all expenses are paid from income
 B) The total revenue a business generates
 C) The difference between income and expenses when expenses are
higher
 D) The expected income for a business over a year

Fill-in-the-Blanks Quiz

1. Marketing involves promoting a product or service to attract ________ and

increase sales.
2. An ________ is someone who starts, manages, and takes on the risks of a business
venture.
3. An ________ is a business or organization, especially one involved in trade or
manufacturing.
4. ________ is the process of planning, creating, and running a business, often with
the goal of making a profit.
5. A ________ is a financial plan that outlines expected income and expenses over a
specific period.
6. ________ refers to the money received from various sources, such as wages,
allowances, gifts, or business revenue.
7. ________ are costs incurred to purchase goods or services, such as rent, utilities,
or groceries.
8. The ________ is the difference between income and expenses over a certain
period.
9. ________ expenses remain constant over time, while ________ expenses can vary
based on different factors.
10. ________ is the amount left after all expenses are paid from income, indicating a
successful business or budget.

True or False Quiz

1. In budgeting, income refers to the money paid for goods and services.
 True
 False
2. Fixed expenses are costs that remain constant over time, while variable
expenses can change from month to month.
 True
 False
3. A balanced budget means that expenses are greater than income.
 True
 False
4. Budgeting helps individuals and businesses manage money, avoid debt, and
plan for future expenses.
 True
 False
5. Profit is the amount left after all expenses are paid from income.
 True
 False