Base the amount used for the income portion of a budget on gross pay.

Short-term goals would be for a period of 5 years or less.

For budgeting purposes, you should be creating a cash flow statement every month.

The idea behind pay yourself first is to pay for your expenses first and then figure out how much you can save.

Susan wanted to buy a new gaming computer but did not have the money to buy it because she recently used her savings to buy several new computer games. What is the opportunity cost in this scenario?

Jesse had an invitation to travel Europe over the summer, but decided not to go as his financial goal was to have $10,000.00 in savings by the time he went to college. What is the opportunity cost in this scenario?

Sam has the following assets and liabilities. Which of the following are assets? Mark ALL that apply.

Which of the following are shown on a statement of net worth? Mark all that apply.

Sam has the following assets and liabilities. Which of the following are liabilities? Mark ALL that apply.

Sam has the following assets and liabilities. Which of the following are depreciating assets? Mark ALL that apply.

Sam has the following assets and liabilities. Which of the following would be considered an appreciating asset?

Sam has the following assets and liabilities. What is the total amount of his assets? No dollar sign or comma separator required. Cents are required!

Home 120,000.00

Home mortgage 5,400.00

Cash and savings 1,500.00

Car 18,500.00

Car loan 6,500.00

Furniture and household goods 10,200.00

Credit card debt 900.00

Sam has the following assets and liabilities. What is the total amount of his liabilities? No dollar sign or comma separator required. Cents are required!

Home 120,000.00

Home mortgage 5,400.00

Cash and savings 1,500.00

Car 18,500.00

Car loan 6,500.00

Furniture and household goods 10,200.00

Credit card debt 900.00

The amount of income budgeted was $1,200.00; the actual amount of income was $1,000.00. What is dollar variance? No dollar sign or comma separator required. Cents are required!

The amount budgeted for an expense was $85.00; the actual amount of the expense was $100.00. What is the dollar variance? No dollar sign or comma separator required. Cents are required!

Indicate whether the following expenses are A. Fixed or B. Variable

Rent?

Indicate whether the following expenses are A. Fixed or B. Variable

Groceries/Food

The amount of income budgeted was $1,500. The actual amount was $1,700.

The amount of an expense budgeted was $300. The actual amount was $385.