Personal Finance Test Review

Emma makes $300 each paycheck and is paid twice a month. Can she afford to pay for an apartment that charges $700 rent?

• yes

• no

Tags

CCSS.6.EE.B.6

Which of the following is a WANT?

• food

• water

• TV

• shelter

Which one of the following is a NEED?

• AirPods

• food

• Netflix

• Hulu

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.2

CCSS.RL.8.1

CCSS.RL.9-10.2

Which is MORE important to budget for- needs or wants?

• needs

• wants

Tags

CCSS.7.EE.B.3

David pays $500 a month in rent, $200 for groceries, and $300 for his car payment. How much are his expenses?

• $1,010

• $900

• $1,100

• $1,000

Tags

CCSS.2.NBT.B.7

CCSS.3.NBT.A.2

If you earn $900 a month and spend $500 on rent, $200 on groceries, and $75 on utilities, do you have enough money to pay $50 a month for TV?

• yes

• no

Tags

CCSS.7.EE.B.3

^Wants

• Necessary items for life that are paid monthly/yearly such as food, housing, transportation, utilities, insurances

• Expenses that equal all the fixed and variable expenses added together

• Things or tems that a person would like to own or purchase that is not necessary for life; Ex. entertainment, video games, etc.

• Income from all possible sources

Tags

CCSS.6.EE.B.8

Budget

• Anything that you might incur an expense for

• Is a spending plan for managing your money that includes income and expenses

• All expenses deducted from income before net pay can result.

• Income after all deductions have been paid.

Tags

CCSS.7.RP.A.3

CCSS.7.RP.A.2

CCSS.7.NS.A.1

Needs

• Necessary items that are paid monthly./yearly such as food, housing, transportation, utilities, & Insurance

• Things you would like to have but are not necessary for life.

• Income from all sources that are spent for necessary items

• Anything that you might incur an expense for.

Tags

CCSS.3.OA.D.9

Fixed expenses

• Is a spending plan for managing your money

• Income from all possible sources

• Expenses that equal all the fixed & variable expenses.

• Expenses that remain the same month after month

  EX: mortgages, rent, car payments insurances