When Creating a Budget, It Is Important to

question 48

Multiple Choice

When creating a budget, it is important to

• A) Save the amount you have left at the end of the month.
• B) Set aside savings after your variable expenses are paid.
• C) Save an amount no more than 3% of your annual income in an emergency fund.
• D) Spend the amount of money you have budgeted in each category.
• E) "Pay yourself first" by setting aside savings before other expenses are budgeted.

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Definitions:

Capt. Alfred Thayer Mahan

A United States naval officer and historian whose works, particularly "The Influence of Sea Power upon History," have had a major influence on naval strategy and the importance of naval power.

New Navy

Refers to the modernization and expansion of the United States Navy in the late 19th and early 20th centuries, emphasizing the use of steel ships and advanced technology.

War Aims

The desired outcomes or objectives that a country seeks to achieve during a war.

Cuban Independence

The struggle for liberation from Spanish rule, culminating in the Spanish-American War of 1898, leading to Cuba's independence.