
RWM Unit 3 Budgeting
Quiz
•
Mathematics
•
12th Grade
•
Easy
Eric Selva
Used 2+ times
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41 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Any money you receive such as an allowance or paycheck
Income
Fixed Expense
Opportunity Cost
Emergency Fund
2.
OPEN ENDED QUESTION
3 mins • 1 pt
Nate has apptied for a position with a computer manufacturing company. He has been reviewing his
monthly expenses so he can negotiate a salary. His monthly living expenses are $879, his monthly fixed expenses are $1207.25, and his annual expenses total $1965 per year. What is Nate's total monthly expenditure?
Evaluate responses using AI:
OFF
Answer explanation
First, we must find the monthly share of annual expenses.
1965 / 12 = 163.75
Now we add up all the monthly expenses.
879 + 1207.25 + 163.75 = 2250 per month
Nate's total monthly expenditure is $2,250.00.
3.
OPEN ENDED QUESTION
3 mins • 1 pt
15. The Silversteins used records of their past expenditures to complete their budget sheet for the
upcoming new year. If their monthly living expenses are $912, their monthly fixed expenses are $1,457,
and their annual expenses are $3,078, what amount should they expect to spend monthly?
Evaluate responses using AI:
OFF
Answer explanation
First we must find the monthly share of annual expenses.
3078 / 12 = 1539
Now we can add the expenses up to find their monthly expenses.
912 + 1475 + 1539 = 3926
The Silversteins should expect to spend 3926 on expenditures per month.
4.
OPEN ENDED QUESTION
3 mins • 1 pt
The Scotts prepared an expense summary. They had planned to spend $217.25 on transportation
for the previous month, but actually spent $212.50. How much more or less did they spend on
transportation than they had budgeted for?
Evaluate responses using AI:
OFF
Answer explanation
Predicted - actual = answer
217.25 - 212.50 = 4.75
The Scotts spend 4.75 LESS on transportation than they expected.
5.
OPEN ENDED QUESTION
3 mins • 1 pt
The Potters used records of their past expenditures to complete their budget sheet for the
upcoming new year. If their monthly living expenses are $848, their monthly fixed expenses are $1,305,
and their annual expenses are $3,816, what amount should they expect to spend monthly?
Evaluate responses using AI:
OFF
Answer explanation
First we must find the monthly share of the annual expenses.
3816 / 12 = 318
Now we can add up all the monthly expenditures.
848 + 1305 + 318 = 2471
The Potters should expect to spend 2471 per month on expenditures.
6.
OPEN ENDED QUESTION
3 mins • 1 pt
The Hutton's records for the past six months show that their expenditures totaled $2,786, $3,001,
$2,875, $2,663, $2,471, and $2,803. What is their average monthly expenditure for the six months?
Evaluate responses using AI:
OFF
Answer explanation
Take all the monthly expenditures, add them up, and then divide by the number of months we added (6)
2786 + 3001 + 2875 + 2663 + 2471 +2803 = 16599
16599 / 6 =2766.50
The Hutton's average monthly expenditure is 2766.50
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
A predictable amount of money spent to buy something or do something that is the exact same amount every time
Variable Expense
Income
Emergency Fund
Fixed Expense
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