Budgeting Quiz example #74462

When creating a budget, log fixed expenses Before income After income After savings At the top

An expense that is constant each month is called a __________ expense

Which is the best way to achieve long-term financial goals? Spend less on mandatory expenses Eliminate short-term financial goals Increase discretionary expenditures Save more money from net income

Which is an example of an income deduction? An unexpected cut Wages lost due to illness Vacation budget Retirement savings

Why might variable expenses change a great deal at different times of year? Heating and cooling costs might vary considerably Income taxes and withholdings may increase or decrease Car loan payments become higher in certain seasons Discretionary spending may rise when fixed expenses rise

To create a balanced budget, one must make sure to Spend as little as possible Pay credit card payments first Spend less than or equal to income Pay off debts first

When should fixed and variable monthly budgeted expenses first be planned? At the end of each month Day by day during the month At the start of each month At least twice per month

From what part of income should someone take savings? What otherwise would be fixed expenses Gross income, before other deductions What otherwise would be discretionary income Gross income, along with other deductions

Look at this monthly budget Next month, Tokuji's monthly net income will increase to $650. If he increases his savings to $110 a month, how much can he increase his discretionary spending? $20 $10 $40 $30

Paying for transportation to and from work is an example of A variable expense A fixed expense A short-term expense A discretionary expense