Afford Yo LifeStyle Notes Quiz

Housing is the largest of the four major expenditures

• True

• False

What recommended amount of an individual's net income should dedicated to Housing?

• 10%

• 20%

• 18%

• 30%

Which of these is used to calculate percentages in a spending plan?

• Net Income

• Gross Income

• Annual Adjusted Income

The process individuals engage in to achieve long-term financial success while having a quality standard of daily living is called

• Spending Budget

• Financial Planning

• Budget Tracking

A paper or electronic document used to record both planned and actual income and expenditures over a period of time is known as a(n)

• Budget Tracker

• Spending List

• Spending Plan

Something unnecessary but desired is called a (n)

• want

• need

• goal

• value

An expense that may have the same amount due each month and are contractual

• Fixed

• Flexible

• Annuity

• Variable

Assets are what you owe

• True

• False

Net worth is

• Assets + Liabilities

• Liabilities - Assets

• Assets- Liabilities

Stuff that you own are called

• Liabilities

• Expenses

• Assets