Unit 3 Test - Saving & Systems of Equations

Front

What does it mean if a person lives paycheck-to-paycheck?

Back

They use their entire paycheck to cover monthly expenses and have very little money saved.

Front

Using the 50/30/20 budgeting plan can help you save money because…

Back

It recommends that 20% of your budget goes to debt repayment or savings.

Front

Tre just got a part-time job, and his sister recommends he “pay himself first.” What is she talking about?

Back

Tre should set aside part of every paycheck for savings before he does any spending.

Front

Misty is going to use the 50/30/20 rule in order to save $3000 for her family’s next big vacation. Her monthly income is $2500. How many months will it take her to reach her savings goal?

Back

6 Months

Front

How much do personal finance experts recommend having saved in an emergency fund?

Back

3-6 months of expenses

Front

Over the last twenty years, how have wages changed compared to the costs of housing, healthcare, and education?

Back

Wages have increased at a slower rate than those costs

Front

The majority of Americans...

Back

Do NOT have an adequate emergency fund and do NOT have enough saved for retirement

Front

Which pair of savings strategies will likely work best if your goal is saving $5000 before heading off to college? Options: Get a couple of part time jobs to increase income and then also increase your spending, Control impulse spending and break your goal into smaller time frames, Pay all of your bills in cash and then save all your pocket change, Keep your money in a checking account and only spend using your debit card

Back

Control impulse spending and break your goal into smaller time frames

Front

Given the system below, how many solutions will there be?

Back

There will be no solutions.

Front

What does the intersection of the two lines y = 40x + 20 and y = 30x + 90 represent?

Back

They both have saved $300 total after 7 weeks.