#2 HQSD Assessment- Financial Algebra

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

If Jugo makes $6000 per month in take-home pay and utilizes the 50/30/20 method of budgeting, how much would he be putting toward his wants every month?

• $1200
• $1800
• $3000
• $4800

Tags

CCSS.6.EE.B.6

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

• 2.4 months
• 4 months
• 5 months
• 6 months

Tags

CCSS.6.EE.B.7

Which of these is an example of a fixed expense?

• The ice cream cone you buy on Wednesdays after school
• The gas you fill up your car with every week
• The groceries you buy every month
• The insurance premiums you pay every month

Tags

CCSS.HSF-LE.A.1B

Your apartment rent, tickets to a concert, a pepperoni pizza, and your cell phone bill are all examples of…

• Wants
• Needs
• Income
• Expenses

Which of the following items has the lowest unit price?

• A 19 oz box of brand-name cereal for $3.99
• A 21.6 oz box of generic cereal for $2.93
• A 29.4 oz box of brand-name cereal for $4.99
• A 39 oz bag of generic cereal for $4.68

Tags

CCSS.6.RP.A.3B

On the first day of every month, Raina sits down at her computer, builds a spreadsheet, and allocates all of her income toward expenses or saving. There’s no dollar that is unaccounted for in her budget. Which strategy is Raina using?

• Cash envelope system
• 50/30/20 budgeting
• Zero-based budgeting
• Expense management

Which piece of advice about budgeting for variable expenses is most useful?

• Aim to reduce your variable expenses to $0 on your budget because they are always “wants”
• Track your variable expenses for a few months to find your average monthly costs
• Do NOT budget for variable expenses, since they only make 5% of total spending on average
• Focus on budgeting for fixed expenses because they are easier to change

Jamari is working in a grocery store where he makes $22 an hour as an assistant manager. His work hours are irregular depending on the time of year, so he has kept track of his total hours worked for the last 6 months. Use the table below to calculate Jamari’s average gross monthly income. Round your answer to the nearest whole hour.

• $152
• $3,348
• $913
• $2,893

Tags

CCSS.7.NS.A.3