Wgu D076 Oa Questions & Answers/ (Top 2024/2025 Exam Review Papers / Graded A+/ 100% Accurate)

What are the three things one must determine before making a personal budget? Expenses, interest payments, and savings Tax liabilities, expenses, and income Liabilities, income, and expenses Income, expenses, and savings {Ans: Income, expenses, and savings}Which account is a discretionary account? Fixed assets Accounts receivable Notes payable Cash {Ans: Notes payable}Which scenario correctly describes opportunity cost? Donatello has a side business making sculptures in addition to his regular job. If he spends more time on his side business, the opportunity cost is the money he makes from selling his sculptures. Caroline makes $25 an hour. Instead of working one night, she goes to a concert that costs $50 and lasts two hours. The opportunity cost of the concert is $50. Alexandra decides to spend $50 on some new clothes instead of using that money to pay her electric bill. The opportunity cost is having the electricity turned off. Buster buys a pizza and with the same amount of money he could have used to buy a hamburger and fries. There is no opportunity cost because they cost the same. {Ans: Alexandra decides to spend $50 on some new clothes instead of using that money to pay her