Budgeting Answers
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21
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Why is net income lower than gross income?
A
fixed spendingB
budgetsC
withholdingsD
discretionary spending22
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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 deductions23
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.24
Why might variable expenses change a great deal at different times of year?
A
Heating and cooling costs might vary considerably.B
Income taxes and withholdings may increase or decrease.C
Car loan payments become higher in certain seasons.D
Discretionary spending may rise when fixed expenses rise.25
To change gross income, someone would need to
A
save more per month.B
reduce deductions.C
earn more money.D
increase withholdings.26
This pie chart shows a sample weekly budget.
A
$70B
$75C
$10D
$3527
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 month28
Which is the best way to achieve long-term financial goals?
A
Spend less on mandatory expenses.B
Eliminate short-term financial goals.C
Increase discretionary expenditures.D
Save more money from net income.29
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 cardDid you find these answers helpful?
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