27.  Which of the following is the key to money management? 1.  Using a budget 2.  Using an ATM 3.  Using a checking account 4.  Each of the above IN ANSWERING QUESTIONS 28 THROUGH 31, SELECT  THE  TERM  USED  TO  DEFINE  THE QUESTION. 28.  The amount of money taken from pay for income taxes, Social Security, SGLI, and so forth. 1.  Allotments 2.  Deductions 3.  Fixed expenses 4.  Net income 29.  The money taken from gross income to pay debts to the United States. 1.  Allotments 2.  Gross income 3.  Fixed expenses 4.  Net income 30.  The money paid to a member after all deductions and allotments are paid. 1.  Deductions 2.  Fixed expenses 3.  Gross income 4.  Net income 31.  Expenses that are the same each month. 1.  Allotments 2.  Deductions 3.  Fixed 4.  Net income 32.  Of the following expenses, which one is a fixed expense? 1.  Clothes 2.  Rent 3.  Savings 4.  Food 33.  You are planning a budget. What is the first thing for which you should plan? 1.  Clothes 2.  Rent 3.  Savings 4.  Food 34.  According to the U.S. Department of Labor, approximately what percentage of your income should be budgeted for housing costs? 1. 15% 2. 20% 3. 25% 4. 30% 35.  Credit is buying now and paying later at no extra cost. 1.  True 2.  False 36.  What method, if any, can you use to find the total amount you will pay for a loan? 1.  Add the price of the purchase to the total amount of the loan 2.  Subtract the price of the purchase from the total amount you will pay for the loan 3.  None 37.  Good credit is priceless for which of the following reasons? 1.  Buying a house 2.  In emergencies 3.  Making big purchases 38.  Which of the following are principles of using credit? 1.  Don’t use credit for splurging 2.  Make as large a down payment as possible 3.  Use credit to purchase goods that will last for a long time 4.  Each of the above 39.  What is the maximum life insurance coverage under the Serviceman’s Group Life Insurance (SGLI) program? 1. 0,000 2. 0,000 3. 0,000 4. 0,000 17-22