Banking: How to Manage Your Money Answers
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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 deductions2
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To create a balanced budget, one must make sure to
A
spend as little as possible.B
pay credit card payments first.C
spend less than or equal to income.D
pay off debts first.3
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.4
When creating a budget, log fixed expenses
A
before income.B
after income.C
after savings.D
at the top.5
Which is an example of an income deduction?
A
an unexpected salary cutB
wages lost due to illnessC
vacation budgetD
retirement savings6
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 card7
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.8
Look at this monthly budget.Monthly Budget
A
Add to fixed expenses.B
Decrease food expenses.C
Reduce rent payments.D
Increase total income.9
Mindy wants to save money to buy a new couch.Which would be the best strategy for her to accomplish her goal?
A
adopt a dog from a shelterB
stop paying her credit card billC
decrease the budget for basic food needsD
forgo watching movies online or in the theater10
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A
variableB
fixedC
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