Budgeting Answers
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1
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When should fixed and variable monthly budgeted expenses first be planned?
a
at the end of each monthd
day by day during the montha
at the start of each montha
at least twice per month2
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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.3
[BLANK]
A
actualB
potentialC
likely4
This pie chart shows a sample weekly budget.
A
$70B
$75C
$10D
$355
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.6
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 theater7
Look at this monthly budget.Monthly Budget
A
Add to fixed expenses.D
Decrease food expenses.R
Reduce rent payments.I
Increase total income.8
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?
A
Leo forgoes going out to dinner.B
Leo forgoes paying the rent on his apartment.C
Leo forgoes paying his water bill.D
Leo forgoes paying his electricity bill.9
best
S
Spend less on mandatory expenses.E
Eliminate short-term financial goals.I
Increase discretionary expenditures.S
Save more money from net income.Did you find these answers helpful?
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