3.11 Budgeting

Question 1

From what part of income should someone take savings?

Revolt · Accepted Answer

what otherwise would be discretionary income

Question 2

A short-term financial goal might include saving for

Revolt · Accepted Answer

a piece of furniture.

Question 3

variablefixeduncertain

Revolt · Accepted Answer

fixed

Question 4

Look at this monthly budget.Monthly Budget

Revolt · Accepted Answer

$20

Question 5

When a person invests income, he or she

Revolt · Accepted Answer

uses money in a way that will increase its value in the future.

Question 6

To change gross income, someone would need to

Revolt · Accepted Answer

earn more money.

Question 7

Leo’s car broke down, and he must find money in his limited budget to pay the repair bill.Which of the following is the best solution for Leo to handle the unplanned spending?

Revolt · Accepted Answer

Leo forgoes going out to dinner.

Question 8

When creating a budget, log fixed expenses

Revolt · Accepted Answer

after income.

Question 9

Kerry knows that a new car is in her future.Which would be the best strategy to help her accomplish this goal?

Revolt · Accepted Answer

contribute to a savings account

Question 10

Why is net income lower than gross income?

Revolt · Accepted Answer

withholdings

3.11 Budgeting Answers

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