Fixed Vs. Variable Expense Quiz

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| By Bulut
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Bulut
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Quizzes Created: 1 | Total Attempts: 888
Questions: 6 | Attempts: 888

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Fixed Vs. Variable Expense Quiz - Quiz

Hmmm! Which one is right?


Questions and Answers
  • 1. 

    What does variable expense mean?

  • 2. 

    What does fixed expense mean?

  • 3. 

    Select all of the fixed expenses...

    • A.

      Car payment

    • B.

      Gas Bill

    • C.

      Student Loan

    • D.

      Mortgage

    • E.

      Rent

    • F.

      Groceries

    • G.

      Eating out

    Correct Answer(s)
    A. Car payment
    C. Student Loan
    D. Mortgage
    E. 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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  • 4. 

    Select all of the variable expenses...

    • A.

      Car payment

    • B.

      Gas Bill

    • C.

      Student Loan

    • D.

      Mortgage

    • E.

      Rent

    • F.

      Groceries

    • G.

      Eating out

    Correct Answer(s)
    B. Gas Bill
    F. Groceries
    G. 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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  • 5. 

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

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Essential expenses refer to necessary expenses that are crucial and cannot be avoided. These expenses are mandatory and cannot be considered as optional or discretionary. They are typically required for basic needs such as food, shelter, clothing, healthcare, transportation, and utilities. Therefore, it is accurate to say that essential expenses are must-have expenses and are not optional.

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  • 6. 

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

    • A.

      True

    • B.

      False

    Correct Answer
    B. 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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