1.Flexible and miscellaneous expenses are those that:

Question options: A.are for necessities of life, such as food, clothing and shelter B.can be altered if needed C.cannot be changed in the short run D.are legal obligations, such as debt payments

2.A net worth statement shows

Question options: A.all available resources, including both income and wealth B.the amount of income available C,the difference between assets and liabilities at a specific date D.the difference between income and expenses over a specific time period

3.Which of the following are examples of fixed expenses?

Question options: A.life insurance premium, telephone, dental B.rent, food, heat C.clothing, food cable D.rent, property taxes, car insurance

4.Education expenses are

Question options: A.eligible only to university students B.a transferable tax deduction C.a tax deduction D.a transferable tax credit 5.Rita purchased a new refrigerator using a conditional sales agreement. She needed the refrigerator when her old one broke down. She was not able to afford to pay cash for the new refrigerator. This is an example of using credit

Question options: A.to avoid inflation B.for convenience C.to bridge the gap D.for immediacy