Fixed Vs. Variable Expense Quiz

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Bulut

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1/6 Questions

Essential expenses are MUST-HAVE expenses which are not optional.
- True
- False

About This Quiz

This quiz, titled 'Fixed vs. Variable Expense Quiz', assesses understanding of different types of expenses. It covers definitions, examples, and categorization of fixed and variable expenses, essential for effective personal financial management.

2.

Paying your car's monthly payments is an example of NON-ESSENTIAL expense.
- True
- False
Correct Answer

A. False

Explanation

Paying your car's monthly payments is not an example of a non-essential expense because it is necessary to make these payments in order to keep the car.

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3.

Select all of the variable expenses...
- Car payment
- Gas Bill
- Student Loan
- Mortgage
- Rent
- Groceries
- Eating out
Correct Answer(s)

A. Gas Bill
A. Groceries
A. Eating out

Explanation

Variable expenses are costs that can change from month to month and are not fixed. The car payment, student loan, mortgage, and rent are typically fixed expenses that remain the same each month. On the other hand, the gas bill, groceries, and eating out expenses can vary depending on usage and personal choices. Therefore, the correct answer includes the gas bill, groceries, and eating out expenses as they are examples of variable expenses.

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4.

Select all of the fixed expenses...
- Car payment
- Gas Bill
- Student Loan
- Mortgage
- Rent
- Groceries
- Eating out
Correct Answer(s)

A. Car payment
A. Student Loan
A. Mortgage
A. Rent

Explanation

The correct answer includes car payment, student loan, mortgage, and rent. These expenses are considered fixed because they are consistent and do not typically fluctuate month to month. Car payments, student loans, and mortgages are regular monthly payments that are necessary for owning a car, paying off educational debt, and owning a home respectively. Rent is also a fixed expense as it is a regular payment for housing.

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5.

What does variable expense mean?
6.

What does fixed expense mean?

Quiz Review Timeline (Updated): Mar 21, 2023 +

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Current Version
Mar 21, 2023

Quiz Edited by
ProProfs Editorial Team
Feb 25, 2015

Quiz Created by
Bulut

Fixed Vs. Variable Expense Quiz

Essential expenses are MUST-HAVE expenses which are not optional.

Quiz Preview

Paying your car's monthly payments is an example of NON-ESSENTIAL expense.

Select all of the variable expenses...

Select all of the fixed expenses...

What does variable expense mean?

What does fixed expense mean?