Creating a Personal Budget

Question 1

Budgets are created by calculating

Revolt · Accepted Answer

income and expenses.

Question 2

Dasha got a new job that pays $40,000 per year. She wants to make a monthly budget. How can Dasha calculate her monthly income?

Revolt · Accepted Answer

by dividing $40,000 by 12 months

Question 3

Study this table, which shows monthly income and different types of income tax. How can this information be used to calculate net pay?

Revolt · Accepted Answer

Subtract all four taxes from the monthly gross pay.

Question 4

Study the chart. The Porter family has created a monthly budget using a pie chart to show where money is spent. Which expense is fixed?

Revolt · Accepted Answer

housing

Question 5

The Porters’ food, clothing, and medical expenses are not fixed expenses. What do these expenses have in common?

Revolt · Accepted Answer

They are expected to change from month to month.

Question 6

Budgets are created by calculating

Revolt · Accepted Answer

income and expenses.

Question 7

Mitch has created a budget that includes mortgage, food, car, and entertainment expenses. Which other expenses should he also include? Choose four correct answers.utilitiesout-of-pocket medical expensesgasincome from investmentssavings for his emergency fund

Revolt · Accepted Answer

utilities; out-of-pocket medical expenses; gas; savings for his emergency fund

Question 8

The Porters’ food, clothing, and medical expenses are not fixed expenses. What do these expenses have in common?

Revolt · Accepted Answer

They are expected to change from month to month.

Creating a Personal Budget Answers

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