Vocabulary
Needs & Wants
Skills Practice
Savings
Fixed & Variable Expenses
100

Things you must have, such as food are called...

Needs

100

Would eating out be considered a need or a want?

Eating out would be a want.
100

You spend a gift card on a strawberry smoothie instead of a banana smoothie. Your opportunity cost is

a banana smoothie.

100

True or False. Your car payment is an example of a variable expense?

False

100

Would rent be considered a fixed or variable expense?

Rent would be a fixed expense.

200

Any expenses that are not considered essential to the household or business are ____________ expenses

discretionary

200

Would toothpaste be considered a need or want?

Toothpaste would be considered a want.

200

3 example of Fixed expenses are.......

Internet bill

Rent

Car payment


200

Would clothing be considered a fixed or variable expense?

Clothing would be considered a variable expense.

300

Things you would like, but can do without are called...

Wants

300

Would rent be considered a need or a want?

Rent would be considered a need.

300
  • A student spends three hours and $20 at the movies the night before an exam. The opportunity cost is (list 2 things)

time spent studying and that money to spend on something else.

300

You want a $300 couch as soon as possible. How much would you have to save every month for 5 months to afford the couch?

You would have to save $60 each month.

300

Would your car payment be considered a fixed or variable expense?

A car payment would be considered a fixed expense.
400

Expenses that are the same from week to week are called...(2 words)

Fixed Expenses

400

Would groceries be considered a need or a want?

Groceries are a need.

400
Tracy's income is $1,194.83 a month. She has $1,160.81 in expenses each month. How much does Tracy have left for savings?

Tracy has $34.02 left for savings.

400

Would your car insurance be considered a fixed or variable expense?

Your car insurance would be a fixed expense.

500

Expenses that change from week to week or month to month are called...(2 words)

Variable Expenses

500

Would nail polish be considered a need or a want?

Nail polish would be a want.

500

If your income were $998.00, how much more would you need to pay $1,160.81 in expenses?

I would need $162.81 more.

500

Would electricity be considered a variable or fixed expense?

Electricity is a variable expense. The more you use, the more you pay.

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