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
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