Budgeting Answers

Based on this information, which is the first change should Carl make to his monthly budget?

Which of Mina’s expenses should most likely be ranked as fixed expenses? Check all that apply.

Which of Ahmad's expenses will most likely be ranked as variable expenses? Check all that apply.

This table shows Lucas’s budget from last month. He also included his actual expenses after the month ended.Which of these changes should Lucas consider in next month’s budget? Check all that apply.

Alex has decided that she wants to save money to buy her first car. She wants to save this money over the course of the next two years. Which action would be the best way for Alex to change her budget to work toward a long–term financial goal?

The table on the left shows Tokuji's monthly budget. He has just learned that his rent will be increasing to $310. He also has a new short-term goal of saving $100 this month.Based on the above changes, how should he adjust his discretionary spending?

Now, summarize what you have learned.Write a paragraph that explains the most important principles to keep in mind when creating a budget. Describe at least three important principles in your answer.

Raysa’s car needs a car part replacement that costs about $500 dollars. Raysa’s budget is tight, and the only extra money she has is $300 in her emergency fund.What possible impacts can the car part replacement have on Raysa? Check all that apply.Raysa may have more debt if she uses a credit card to have her car fixed.Raysa might have to delay other purchases until she can build up her funds.Raysa may need to cut down spending in other areas to pay for the unexpected expense.Raysa might worry less because she has enough money in her emergency fund to cover the cost.Raysa might have to delay achieving her monthly financial savings goal to get her car working again.

Elyse just graduated from college and started her new career. She developed an intermediate-term investment strategy that would help her make a $4,800 down payment on a car she wants to buy in three years.Which strategy would she most likely have developed?