FM Module 1 Review

Which is NOT a variable expense?

• Car payment

• Mortgage

• Tuition

• Phone bill

Which is an example of a WANT?

• Food

• Water

• Clothes

• Vacation

Convert 4 years to months.

Convert 6 years to months

You want to buy a car in 2 years. You plan to save a total of $6,000. How much should you save each month?

• $3000

• $250

• $300

• $25

Which banks have the best loan rates?

• Credit Unions

• Payday Loaners

• Commercial Banks

• FICA

Which banks usually have high interest rates?

• Payday Loaners

• Credit Unions

• Federal Government

• Commercial Banks

Which is a periodic expense?

• Monthly loan payment

• Mortgage

• Gas

• Dentist twice a year

When you budget, what should you do first?

• Figure out which clothes you want to buy

• Set aside money for entertainment

• Determine your sources of income

• Buy new shoes

Which is an example of a short term goal?

• Saving for new shoes for 2 months

• Saving for a new car for 9 months

• Saving for a beach trip for 2 years

• Saving for your rent for 4 months