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Final Review - Units 1-3

Authored by Claire Duewer

Business

9th - 12th Grade

Used 25+ times

Final Review - Units 1-3
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10 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A lawnmower that normally sells for $500 is on sale for 25% off. How much is the lawnmower after the discount?

$375

$125

$12,500

$100

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

If sales tax is 6%, how much sales tax must you pay on something that costs $100?

$600

$94

$6

$60

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following best describes monetary value?

An item’s worth in comparison to something else

The price at which an item is bought or sold for

The value an individual gives an item for personal reasons

The extent to which a person wants or needs an item

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following is not a major factor when determining a person’s standard of living?

Wealth

Comfort

Necessities

Age

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The budgeting process includes three important aspects. Which of the following describes the most important aspect?

Categorizing spending needs because they must be a top priority

Categorizing spending wants because they result in dangerous spending

Assigning limits to categories because budgets are built on limitations

Committing to the limits and categories decided on

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following is a common non-monthly expense that could be included in a monthly budget?

Gasoline

Electric bill

Rent

Oil Changes

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following is not true for the envelope budget?

It utilizes the psychological advantages of paying with cash.

Most, if not all, discretionary spending is done with cash.

If a person uses a credit or debit card, he will most likely spend less money than if he used cash.

Using cash instead of a card naturally limits spending.

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