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LET’S PRACTICE
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11. Klay has kept a budget for several months. Each month he is over budget by several hundred dollars and can’t understand where the problem is. What can he do to figure out where he is overspending? _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ 12. Mandatory expenses ________. a. are always fixed and unalterable b. include payment of debts c. almost always vary significantly from month to month d. should be smaller than discretionary expenses 13. What is a recurring expense? _ ____________________________________________________________________ 14. What are 3 examples of a recurring expense? _ ____________________________________________________________________ _ ____________________________________________________________________ 15. Jay had an income of $2500 this month and budgeted expenses of $2100. At the end of the month, his actual expenses were $2700. Jay has a _________. PRODUCT PREVIEW 16. T F Wealthy people generally do not need to have a personal or household budget. 17. Marina and her husband are having difficulty paying their bills on time. They have no idea where their money goes each month. Marina’s husband thinks Marina should change jobs so she can earn more money. However, Marina loves her job and she doesn’t want to quit to find another job that pays better. What else can she do to reduce the money-related tension in her family? _ ____________________________________________________________________ _ ____________________________________________________________________ a. budget surplus b. itemized budget c. bank account deficit d. budget deficit
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Chapter 14 | The Beauty of the Budget 280
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