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Managing Income and Expenses: Mastery Test
1
Select the correct answer.
Marcus has reviewed his budget and discovered that he is spending more than he makes. Which of the following budget categories
on reducing spending first?
OO
A.
food
B.
car payment
C.
insurance
O D.
mortgage
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Answer :

Final answer:

When spending exceeds income, focus on reducing the mortgage expense first to align the budget.


Explanation:

When Marcus realizes he is spending more than he makes, the budget category he should focus on reducing first is the mortgage expense. This is crucial as housing expenses often make up a significant portion of one's budget. By cutting down on housing costs, Marcus can start making progress toward balancing his income and expenses.


Learn more about Budgeting and Expense Management here:

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