1.The monthly budget showed that a family planned to spend $660 for food during March but...

Question

Question

1.The monthly budget showed that a family planned to spend $660 for food during March but only spent $490. This difference would be referred to as a:

a Budget variance.

b Budgeted Production.

c Contribution to Net worth.

d Deficit.

e Fixed Living Expense.

2.Given the following information, calculate the net worth:

Assets = $5,800

Cash inflows = $5,600

Cash outflows = $2,800

Liabilities = $2,100

a $700

b $2,800

c $200

d $2,100

e $3,700

Answer 1

Answer #1

Q1.
Answer is a. Budget Variance.
Explanation:
Budget variance is a difference between Budgeted expenses and actual expenses

Q2.
Answer is e. 3700.
Explanation:
Total assets f 5800 is equal to Total liabilities and equity of $ 5800.
And total liabilities is given as $ 2100.
Therefore,
Equity = 5800-2100 = 3700

Answer 2

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