financial literacy

The table shows the amounts Rodney and Antwan paid for their cell phones each month for the last four months. 

 

Based on the table, which statement is true about the amounts Rodney and Antwan paid for their cell phones over the last four months?

• Only Antwan’s cell phone bill is a fixed expense.

• Only Rodney’s cell phone bill is a fixed expense.

• Both Rodney’s and Antwan’s cell phone bill is a fixed expense

• Both  Rodney’s and Antwan’s cell phone bill is a variable expense.

Answer explanation

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4.10.A

Connie purchased a motorcycle. She has to make monthly payments to pay back the money that she borrowed from the bank to buy the motorcycle.  What type of expense is the payment Connie makes to the bank?

It is a ​ ​ (a)   because the monthly payments does ​ (b)  

each month.

• fixed expense
• not change
• variable expence
• change

Answer explanation

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4.10.A

Silas is a college student who lives on campus in a dormitory.  Which 

expense is a variable expense for Silas?

Paying ​ (a)   is a variable expense.

• to attend football games
• college tuition for 4 years
• rent every month
• for a meal plan monthly

Answer explanation

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4.10.A

Which expenses are FIXED expenses?

• Rent, car payment, Disney+ subscription.

• All of them

• Groceries, Movie tickets, light bill

• None

Answer explanation

Remember, variable expenses, vary, they change every year, month, week or day.

What are fixed expenses?

• Irregular expenses that change from week to week or month to month

• The amount of money in your bank account

• The amount of cash in your purse or wallet

• Expenses that stay the same from week to week or month to month

What are variable expenses?

• Irregular expenses that change from week to week or month to month

• The amount of money in your bank account

• Costs that do not fluctuate from week to week or month to month

• The amount of cash in your purse/wallet

Last week, John made $875 in candy sales. What was John’s profit for the week?

• 185.36

• 657.98

• 689.64

• 125.54

This month Jason mowed 7 lawns and earned $35 for each lawn he mowed. Jason’s parents gave him an allowance of $75 for the month. Jason spent a total of $46 on a new video game and saved the rest of his money. How much money did he save?

Luis wants to buy a new home. He doesn't have enough money so he goes to the bank to get a ​ (a)   The bank is going to charge him a fee call ​ (b)   .

• loan.
• interest
• withdraw
• deposit

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4.10.D