Unit 17 Review

Which is an example of inconsistent income?

• 
  You are a salaried employee, but you are paid semi-monthly rather than monthly.

• You are an hourly employee, and your hours change every week.

• You are an hourly employee, but your hours are the same every week.

• You are a salaried employee, so your pay is the same every week.

You need new shoes for work which cost $83. Your net income is $420 each week, and you have expenses totaling $375 each week. If you set aside the difference between your income and your expenses each week, about how many weeks will it take to save enough to buy the shoes?

• 1 week

• 2 weeks

• 3 weeks

• 4 weeks

Suppose you are paid bi-weekly (every 2 weeks). Your gross income for each paycheck is $1,500 and your deductions for each paycheck total $450.

What is your net pay for four weeks?

• $1,050

• $2,100

• $2,250

• $2,600

Your expenses for every 4 weeks are shown in the table. How much is the total for your expenses per 4 weeks?

• $2,093

• $1,978

• $2,100

• $1,650

If your pay every 4 weeks is $2,100 and your expenses for those 4 weeks are $2,093 (from the last two questions) - what is your savings every 4 weeks?

• $122

• there is no savings

• $450

• $7

Organize these options into the right categories

Groups:

(a) Essential Expenses

,

(b) Discretionary Expenses

• insurance

• gas

• groceries

• toys for pet

• movies

• new video game

Suppose you are a salaried employee, paid semi-monthly. You currently receive $4,300 gross income each pay period. The 20-50-30 budget model has been working well for you so far, so you plan to continue using it. If you would like to build up a 6-month emergency fund over a 13-month period of time, how much do you need to save each month to accomplish your goal?

• $28.94

• $694.62

• $347.31

• $1,389.23

Your monthly realized income is $1,650. You are using the 20-50-30 budget model. How much should you budget for financial costs (savings) each pay?

• $330

• $495

• $510

• $825

Your monthly realized income is $1,650. You are using the 20-50-30 budget model. How much should you budget for essential costs each pay?

• $330

• $495

• $510

• $825

Your monthly realized income is $1,650. You are using the 20-50-30 budget model. How much should you budget for lifestyle costs (discretionary) each pay?

• $330

• $495

• $510

• $825