1st Semester Exam Review (Quantitative Literacy)

How much does Kurt pay a month for utilities?

Kurt owes $2,000 on his car loan. How long will it take to pay off the loan?

If you're paid weekly, you need to save ___ each time you get paid.

• $12
• $24
• $36

If you're paid biweekly, you need to save ___ with each paycheck.

• $12
• $24
• $36

You have a monthly income of $2,000. You plan to follow the 50/30/20 rule for budgeting. How much of your monthly income can you spend on wants?

• $400
• $600
• $1000

What should 50% of your income go towards, if you are following the 50/30/20 rule?

According to the 50/30/20 rule, what percentage of your income should you allocate to wants?

Randy's wife always looks at countertop mixers but has never bought one. For their next anniversary, he would like to surprise her with one. The mixer she likes was $132. Randy plans on putting aside the same amount of money every month to make it more affordable. He has one year until their next anniversary. How much money will Randy need to save each month?

You are working on building your emergency fund. Your total living expenses are $1,950 per month and you are hoping to save enough for six months' worth of expenses. You are currently saving $900 each month. How long will it take you to fully fund your emergency fund?

• 12 months
• 13 months
• 15 months

Tyra is working on her emergency fund. She is writing down all her monthly living expenses and adding them together. However, Tyra has made a mistake and listed an expense that should not be listed. Which expense should not be considered when making an emergency fund?

• Car payment
• Dining out
• Groceries