24) 24) An example of a variable expense is a(n) A) Mortgage or rent payment. B) Electric bill. C) Monthly train ticket for commuting to work. D) Monthly allocation for life insurance. E) Installment loan payment. 25) 25) A budget deficit would result when a person's or family's A) Assets exceed liabilities. B) Net worth decreases, C) Actual spending is less than planned spending, D) Actual spending exceeds planned spending. E) Actual spending equals planned spending 26) After having established a spending plan, it is important to A) Keep track of your actual income and expenses. B) Pay attention only to expenses that are more than 10 percent of your salary. C) File the budget in a safe deposit box. D) Compare it to the previous budget. E) None of these are true since budgets are just estimates. 27) 27) Patrick Guitman has a net worth of $145,000 and liabilities of $155.000. What are his total assets? A) $10,000 B) $200,000 C) $145,000 D) $300,000 E) $155,000 28 28) Which of the following is NOT a tax that most people pay? A) Local taxes on property B) Federal taxes on possessions C) Federal taxes on earnings D) State taxes on purchases 26 29) The maximum amount that an individual can give another in a year without being subject to estate taxes is A) All gifts are taxable. B) No gifts are taxable. C) $10,000 D) $5,000. E) $15,000