Financial Literacy Quiz PART B

Use the table to answer this question. Morgan used the ledger shown to track her income and expenses for September. Which is a true statement about Morgan’s income and expenses for September?

• Morgan spent $10 more than she earned.

• Morgan’s income and expenses were equal.

• Morgan earned $10 more than she spent.

• Morgan’s total income was $10.

Use the table to answer this question. Morgan uses her income and expenses for September to create a budget for October. However, she deletes the first line because she does not plan to walk dogs in October. Which statement is true of Morgan’s October budget?

• The budget balances.

• The budget has a deficit.

• The budget has a surplus.

• The budget has a final balance of $0.

Calvin’s net pay is $2,275 each month. His monthly budget is shown in the table, except for the amount in the Car payment category. Calvin plans to buy a car soon. What is the largest monthly car payment he can afford in order to have a balanced budget?

• $475

• $1,675

• $575

• $485

Marvin earned $205 mowing yards in the month of May. The table shows his May budget except for the amount in the Entertainment category. What amount should Marvin write in the Entertainment category for his May budget to be balanced?

Sylvester's net income is $3,110 every month. He creates a balanced budget. The table shows Sylvester's budget except for the Car payment category. What amount should be in the Car payment category for Sylvester to have a balanced budget?