Personal Finance Semester Exam 18 of 4018 of 40 Items Question Use the table to answer the question. Cork just graduated and started his first career job. He lives and works in a metropolitan area, uses public transportation, and does not own a car. His only assets are his personal possessions and $500 in his checking account. He has worked hard to stay out of debt, so he has no liabilities. His monthly budget is the following: Expenses ($) Income ($) Paycheck 2,800.00 Rent 1,050.00 Groceries 400.00 Entertainment 250.00 Public Transportation 125.00 Personal 200.00 Utilities 150.00 Cell Phone 85.00 Health Insurance 150.00 Unbudgeted 390.00 Total 2,800.00 2,800.00 Cork wants to devise a plan to increase his net worth from its current $500 to $5,000 within a year. Which of the following options will help Cork achieve his goal? (1 point) Responses He should use a credit card to furnish his apartment since he is short on cash. He should use a credit card to furnish his apartment since he is short on cash. He should use his unbudgeted money to purchase new clothes for his job. He should use his unbudgeted money to purchase new clothes for his job. He should borrow money to purchase a car to eliminate his public transportation expense. He should borrow money to purchase a car to eliminate his public transportation expense. He should use his unbudgeted money to build up his savings.

Question

Personal Finance Semester Exam 18 of 4018 of 40 Items Question Use the table to answer the question. Cork just graduated and started his first career job. He lives and works in a metropolitan area, uses public transportation, and does not own a car. His only assets are his personal possessions and $500 in his checking account. He has worked hard to stay out of debt, so he has no liabilities. His monthly budget is the following: Expenses ($) Income ($) Paycheck 2,800.00 Rent 1,050.00 Groceries 400.00 Entertainment 250.00 Public Transportation 125.00 Personal 200.00 Utilities 150.00 Cell Phone 85.00 Health Insurance 150.00 Unbudgeted 390.00 Total 2,800.00 2,800.00 Cork wants to devise a plan to increase his net worth from its current $500 to $5,000 within a year. Which of the following options will help Cork achieve his goal? (1 point) Responses He should use a credit card to furnish his apartment since he is short on cash. He should use a credit card to furnish his apartment since he is short on cash. He should use his unbudgeted money to purchase new clothes for his job. He should use his unbudgeted money to purchase new clothes for his job. He should borrow money to purchase a car to eliminate his public transportation expense. He should borrow money to purchase a car to eliminate his public transportation expense. He should use his unbudgeted money to build up his savings.

Answer 1