In what way is a kid's budget similar to an adult's budget?
A.The goal for both is to have less money going out than coming in.
B.Both have about the same ratio of income and expenses.
C.People can save money with both by earning less than you spend
D.Both adults and kids tend to spend their money on the same items
A?
If your income is $20 per month,how much should you spend each month to stay on budget?
A.Exactly $20
B.Between $10 and $30
C.Nothing
D.$20 or less
D?
The key to keeping a budget is to spend your money prudently.What is the best synonym for "prudently"?
A.Stingily
B.Wisely
C.Extravagantly
D.Thoughtlessly
B?
Which of the following is an example of a fixed expense?
A.Library card
B.Medicine
C.Shoes
D.Movie ticket
I think it's B or C.
If you were in charge of buying milk for a family of five,but not everyone has breakfast at home every day,what kind of expense would the milk be?
A.Fixed essential
B.Variable essential
C.Non-essential
D.Non-variable
B?
Actually for Which of the following is an example of a fixed expense?
A.Library card
B.Medicine
C.Shoes
D.Movie ticket
I think it's A
For the first question, "In what way is a kid's budget similar to an adult's budget?", the correct answer is A. The goal for both is to have less money going out than coming in. Both kids and adults should aim to spend less than they earn in order to have a positive financial situation.
For the second question, "If your income is $20 per month, how much should you spend each month to stay on budget?", the correct answer is D. $20 or less. Since the goal of a budget is to spend less than your income, spending exactly $20 or less would help you stay on budget.
Regarding the third question, "The key to keeping a budget is to spend your money prudently. What is the best synonym for 'prudently'?", the correct answer is B. Wisely. Spending money prudently means being careful, wise, and sensible with your spending decisions.
For the fourth question, "Which of the following is an example of a fixed expense?", the correct answer cannot be determined without additional information. Fixed expenses are typically recurring expenses that remain relatively constant from month to month, such as rent or mortgage payments, insurance premiums, or subscription services. None of the options provided clearly fit this definition.
Lastly, for the fifth question, "If you were in charge of buying milk for a family of five, but not everyone has breakfast at home every day, what kind of expense would the milk be?", the correct answer is B. Variable essential. Since not everyone in the family consumes milk every day, the expense of buying milk can vary from month to month, making it a variable expense. However, it can still be considered an essential expense as it is necessary for those who do consume it.
I think the fixed expense is B because it's a necessity.
I agree with the rest of your answers.