Unit 1 Review Financial Management

You pay $550 in rent each month. This would be a variable expense.

• True

• False

When you begin a budget, you need to first list all your regular sources of income.

• True

• False

Concert tickets are an example of a need.

• True

• False

An example of a long term goal is:

• Saving for 2 months for an $80 outfit

• Saving for 5 years for a $3000 dream vacation to Italy

• Saving for 10 months for a $500 iPad

Tags

CCSS.6.EE.A.1

Sandy wants to save $200 over the next 4 months for a lift ticket to go skiing. How much should she save each month in order to meet her goal?

• $50 a month

• $100 a month

• $800 a month

Tags

CCSS.3.OA.A.3

Mrs. Thomas wants to save $4000 over the next 3 years to pay for new carpet and painting in her home. How much will she need to save each month in order to reach her goal?

• $1333.34

• $111.12

• $333.34

Tags

CCSS.6.EE.B.7

Which of these is an example of regular monthly income?

• paycheck

• car payment

• phone bill

Miguel attends a community college and pays $1500 in tuition twice a year. This is an example of a:

• fixed expense

• variable expense

• periodic expense

Which of the following is one of the steps in creating a budget?

• Record expenses, listing needs first then wants.

• Create a spending chart for special events like birthdays and holidays.

• Create a table for cash gifts and gift cards you receive.

If Joan is saving $5000 for a used car and realizes that she is not saving enough to reach her goal in 3 years, then she should change her budget to save a higher percentage of her income each month or:

• continue to save for more months until she gets the $5000

• give up her goal and just start taking the bus

• spend more on recreation