Planning for Expenses Test (#2)

Eleanor recently visited a bank to get a car loan. Upon reviewing her credit score, the bank decided to deny her request for a car loan. Eleanor decided to check her credit report herself. There, she found three accounts that she didn’t open, and they were all past due for payment.

Eleanor was a victim of bank _________________and should check her credit card disclosure ________________more often to avoid being surprised in the future.

• fraud, credit report

• identity theft, credit report

• Credit Card Disclosure Agreement, credit report

• Identity theft, fraud

For Rashad to determine his variable expenses, he’ll need to________________his fixed expenses from his total expenses for the month. The equation that represents this situation is ____________.

• add, v = $3,291.74 – $1,943.48

• subtract, v = $3,291.74 + $1,943.48

• multiply, v = $3,291.74 × $1,943.48

• divide, v = $3,291.74 ÷ $1,943.48

Martin created a list of his expenses for the month of August (SEE PICTURE).

CHOOSE ALL the charts that accurately represent Martin’s expenses to the correct location on the table. Not all charts will be used.

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While reviewing his budget, Andre calculated his variable and total expenses for last month:

variable expenses: $2,863.09

total expenses: $4,630.16

Choose the expense equation to represent Andre’s fixed expenses.

• F = $2,863.09 + $4,630.16

• F = $4,630.16 + $2,863.09

• F = $4,630.16 - $2,863.09

• F = $2,863.09 - $4,630.16

Which scenario would make someone vulnerable to identity theft?

• including a Social Security number on an income tax form

• missing monthly payments on a car loan for three months

• opening a credit card account to purchase a household appliance

• using a public library computer to access confidential bank information

Which expense is considered an unexpected expense?

• car maintenance

• insurance premium

• laptop repair

• yearly eye exam

Which expense is considered a fixed expense?

• grocery bill

• home repair costs

• mortgage payment

• utility bill based on usage

Which fund’s purpose is to pay for an unexpected expense?

• a 401(k) retirement fund

• a college savings fund

• an emergency fund

• a mutual fund

Watch the following clip. What is the word missing here?

"With his extra ________"

Which expense is considered a fixed, discretionary expense?

• car loan payment

• grocery bill

• music subscription service fee

• rent payment