(1) Which statement is true of a household budget?

Question

A) Essential expenses should be reduced.
B) Interest should not be calculated as income.
C) Income should be more than expenses.
D) Variable expenses should be removed.

(2) If Joan is unable to pay her mortgage, the bank may take her house away from her. Which of the following best describes Joan’s house?
A) bankruptcy
B) collateral
C) credit
D) interest

(3) Groceries and rent are examples of...
A) assets
B) essential expenses
C) personal income
D) loans

(4) What is the amount of money that a person takes in over a specified period of time?
A) budget
B) credit
C) income
D) expense

(5) Which statement describes a variable expense?
A) Chrystal pays $120 each month for access to high-speed internet at her house
B) Gemma’s mortgage payment is exactly $784.56 every month.
C) John makes an $89 payment each month on his new mobile phone
D) Mia’s electricity bill total depends on how much electricity she uses each month.

(6) Why is it important to save money?
A) If you have money in savings, you won’t be charged interest on your loans.
B) If you save money now, you will have multiple bankruptcy options in the future
C) Saving money allows you to pay for expensive goods and services in the future.
D) Saving money is a requirement once you start earning a regular salary.

Answer 1

1. C
2. B
3. B
4. C
5. D
6. C
This is what I picked, I don't know if it's right

Answer 2

ok for
(1) Which statement is true of a household budget?
A) Essential expenses should be reduced.
B) Interest should not be calculated as income.
C) Income should be more than expenses.
D) Variable expenses should be removed.

It's C
I just finished the test and this was the last one for me and I had this open and I got a 100 :D

Answer 3

Gabriella is also 100% for the ones she gave. I picked those answers too