Question

1. what kind of money counts as income?

a. only the money you make at your job c. money in your savings account
b. all money that you receive, including money d. only money deposited into your bank
from your job and gifts like birthday money account

1. what is a way to stay accountable to reaching your financial goals?

a. finding a person you trust to help keep you c. looking at the budget you set at the end of
on track with your money goals the month
b. hiring a financial advisor to make your d. creating specific categories in your budget
decisions about money for you

1. a common misconception is that budgeting will keep you from having fun, when in reality

a budget . . .
a. adds more stress to your life c. restricts your fun completely
b. means there are no rules—you are free to d. gives you permission to spend
use your money however you want

1. the first priority in your budget should be ______.

a. giving c. saving
b. spending d. investing

1. when is the right time to start creating and living by a budget?

a. right now - it’s never too early! c. once you have a job with an income
b. when you start researching colleges and d. when you decide it’s time to buy a car
the costs that come along with it

1. what should you do if you overspend in one category of your budget?

a. adjust your budget by removing money c. take money from the giving category.
from other spending categories. you’re giving to yourself!
b. just leave it. it will probably work out fine. d. ask a friend for the money you overspent.

1. commission is when you make money based on the percentage of ______.

a. total sales c. budgets
b. investments d. items sold

Explanation:

Question 17

Income includes all money received, not just job earnings or limited to bank deposits/savings. Gifts like birthday money are also income. Option A is too narrow, C is savings (not income), D is too narrow. So B is correct.

Staying accountable can involve a trusted person to track goals. B is wrong (financial advisor doesn't make decisions for you), C is wrong (check budget at end is not accountability), D is about budgeting structure. So A is correct.

A budget gives permission to spend on priorities, not restrict fun or add stress. A is wrong (budget reduces stress), B is wrong (budget has rules), C is wrong (doesn't restrict fun completely). So D is correct.

Answer:

B. All money that you receive, including money from your job and gifts like birthday money

Question 18