Budgeting Answers
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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.2
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Look at this monthly budget.Monthly Budget
A
$20B
$10C
$40D
$303
Kerry knows that a new car is in her future.Which would be the best strategy to help her accomplish this goal?
A
contribute to a savings accountB
give up paying for health insuranceC
stop paying the full amount of rentD
apply for and open a new credit card4
Why is net income lower than gross income?
A
fixed spendingB
budgetsC
withholdingsD
discretionary spending5
Look at this monthly budget.Monthly Budget
A
Add to fixed expenses.B
Decrease food expenses.C
Reduce rent payments.D
Increase total income.6
To change gross income, someone would need to
A
save more per month.B
reduce deductions.C
earn more money.D
increase withholdings.7
When creating a budget, log fixed expenses
A
before income.B
after income.C
after savings.D
at the top.8
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 deductions9
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 month10
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.Did you find these answers helpful?
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