3.5-3.10 Review

What does it mean if a person lines paycheck-to-paycheck?

• They use their entire paycheck to cover monthly expenses and have very little money saved.

• Their income varies month-to-month and they save a large portion of their biggest paychecks.

• They use direct deposit, so their paycheck is automatically split between their checking and savings accounts.

• They have high-paying jobs, so don't have to worry about how much is in each paycheck.

Solve the system by substitution. -5x+y=-3; 3x-8y=24

Over the last twenty years, how have wages changed compared to the costs of housing, healthcare, and education?

• Wages have increased at a slower rate than those costs.

• Wages have increased at the same rate as those costs.

• Wages have increased at a faster rate than those costs.

• Wages have decreased as those costs have increased.

The majority of Americans...

• HAve an adequate emergency fund and have enough saved for retirement.

• Have an adequate emergency fund but do NOT have enough saved for retirement.

• Do NOT have an adequate emergency fund but have enough saved for retirement.

• Do NOT have an adequate emergency fund and do NOT have enough save for retirement.

Using the 50/30/20 budgeting plan can help you save money because...

• It limits your spending to $50 per month.

• It recommends that 20% of your budget goes to debt repayment or savings.

• It recommends that 50% of your budget goes to debt repayment or savings.

• For every $50 you save, a bank will give you $30 or a credit union will give you $20.

Tre just got a part-time job, and his sister recommends he "pay himself first." What is she talking about?

• Tre should deposit his check as quickly as possible before taxes can be taken out.

• Tre should set aside part of every paycheck for savings before he does any spending.

• Tre should spend the money he needs before he lends any to friends or gives to charity.

• Tre should start his own business rather than being someone else's employee.

Misty is going to use the 50/30/20 rule in order to save $3000 for her family's next big vacation. Her month income is $2500. How many months will it take her to reach her savings goal?

• 2.4 months

• 4 months

• 5 months

• 6 months

Which pair of savings strategies will likely work best if your goal is saving $5000 before heading off to college?

• Get a couple of part time jobs to increase income and then also increase your spending.

• Control impulse spending and break your goal into smaller time frames.

• Pay all of your bills incash and then save all of your pocket change.

• Keep your money in a checking account and only spend using your debit card.

Given the system, how many solutions will there be? y=2x+4; y=2x-7

• There will be no solution

• There will be one solution

• There will be two solutions

• There will be three solutions

Solve the system by substitution. y=6x-11; -2x-3y=-7