Budgeting Answers
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In order to stay on track for long term financial goals, money for emergency spending should be taken first from your
A
savings account.B
discretionary money.C
fixed expense money.D
net income.3
What type of expense is an example of the cost to drive to and from work?
A
a variable expense.B
a fixed expense.C
a short-term expense.D
a discretionary expense.4
What effect would a tax increase have on income?
A
It would reduce gross income.B
It would not affect net income.C
It would increase net income.D
It would not affect gross income.5
When should fixed and variable monthly budgeted expenses first be planned?
A
at the end of each monthB
day by day during the monthC
at the start of each monthD
at least twice per month6
Why is net income lower than gross income?
A
fixed spendingB
budgetsC
withholdingsD
discretionary spending7
To change gross income, someone would need to
A
save more per month.B
reduce deductions.C
earn more money.D
increase withholdings.8
Look at this monthly budget.Monthly Budget
A
$20B
$10C
$40D
$309
From what part of income should someone take savings?
A
what otherwise would be fixed expensesB
gross income, before other deductionsC
what otherwise would be discretionary incomeD
gross income, along with other deductions10
A short-term financial goal might include saving for
A
a down payment on a house.B
a piece of furniture.C
a child’s college fund.D
one’s retirement.Did you find these answers helpful?
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