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1.variable, fixed

2.the payment amount is set by contract, the interest rate is fixed

3. variable, fixed

4. known, not known

5. Understanding the income and expense statement Preparing an income and expense statement helps in answering the question, "Where does all my money go?" This statement takes income and subtracts expenses to determine an individual's or a family's cash surplus or deficit situation. exists. If the equation results in a negative number, a If the equation results in a positive number, a cash surplus cash deficit exists. Check the correct category for each of the following items. Note: for purposes of this exercise, consider cash in and out for this couple regardless of whether the item is for personal or business use. Cash In/Income Cash Out/Expense Performance bonus Property taxes O 0 Plumbing bill O 0 Once expenses have been identified, they can be categorized as either fixed expenses or variable expenses. Conversely, For example, your mortgage would be considered a expense, because grocery bills would be considered because the actual amount is Categorize the expenses listed in the following table. Fixed Variable Internet access fees O O Capital gains tax O 0