Unit 1 OCS FM Review Lesson 1 and 2

What type of expense (Fixed, Variable or Periodic) is purchasing gas for your car?

• Fixed

• Variable

• Periodic

What type of expense (Fixed, Variable, or Periodic) is a monthly bus pass of $15.00?

• Fixed

• Variable

• Periodic

What type of expense (Fixed, Variable, or Periodic) is the cost of an emergency room visit?

• Fixed

• Variable

• Periodic

Choose the proper category for monthly paychecks from your employer.

• Fixed Expense

• Earned Income

• Unearned Income

Choose all of the choices that represent a Long Term goal.

• Saving 3 months for a new cell phone.

• Saving 2 years for a new car.

• Saving 15 months for tuition at the community college.

• Saving 4 months to buy your mother a present.

• Purchasing a new refrigerator with your credit card.

Choose all of the choices that are a Short Term Goal.

• Saving 3 months for a new cell phone.

• Saving 15 months for tuition at the community college.

• Purchasing a new refrigerator with your credit card.

• Saving 2 years for a new car.

• Saving 4 months to buy your mother a present.

Calculate the amount to save per month to purchase a new cell phone for $300.00 in 3 months.

• $300.00

• $30.00

• $100.00

Calculate the amount to save each month to pay $4,000 for your Mechanic program at the community college in 4 years.

• $55.00

• $1000.00

• $83.00

Calculate the amount to save each month to purchase a $50 gift for a friend in two months.

• $20.00

• $25.00

• $50.00

A budget is something that you write based on your income. You cannot adjust it once it is written.

• True

• False