Creating a Personal Budget

Question 1

Which of the following are necessary to create a budget? Choose three correct answers.amount of money spentamount of money earnedbudgeting softwaregovernment approvalincome from work or investmentspen and paper

Revolt · Accepted Answer

amount of money spent; amount of money earned; income from work or investments

Question 2

Which statement best explains the relationship between gross income and net income?

Revolt · Accepted Answer

Net income is equal to gross income minus taxes.

Question 3

Study the table. How do variable expenses affect this budget?

Revolt · Accepted Answer

They cause total expenses to change each month.

Question 4

What are savings in a budget?

Revolt · Accepted Answer

money set aside to use later

Question 5

Consider Audrey’s budget. What should she do with the money she has left over at the end of the month?

Revolt · Accepted Answer

put all of it into savings; put half of it into savings, and spend the other half on something she wants; spend all of it on something she needs or wants; donate some or all of it to a cause or charity she is passionate about

Question 6

Review Jesse’s budget.Which budgeting choices can Jesse make to get a car sooner than originally planned? Choose five correct answers.

Revolt · Accepted Answer

spend less and save more over the next year; save for a car that costs less money; work more hours at the store after school or on weekends; work all 52 weeks out of the year; work a few extra weeks at the farm

Question 7

Compare Hector’s monthly earnings with his family’s expenses.Which expense is considered fixed?

Revolt · Accepted Answer

rent

Creating a Personal Budget Answers

More from this Course

TRY EDGENUITY HACKS