Test Review: Budgeting

Front

Which of these boxes of cereal has the LOWEST unit price? Options: Cereal A, which costs $3.20 for a 16 oz. box, Cereal B, which costs $5.00 for a 32 oz. box, Cereal C, which costs $2.50 for a 10 oz. box, Cereal D, which costs $4.50 for an 8 oz box

Back

Cereal B, which costs $5.00 for a 32 oz. box

Front

Isaiah has a summer internship at a technology company and is paid $3,000. After Federal and state taxes, Social Security, and Medicare are deducted, his take-home pay is $2,500. Which of the statements below is correct?

Back

His gross pay is $3,000 and net pay is $2,500.

Front

Which one of these expenses most likely represents a VARIABLE cost in someone's budget? Options: Electricity bill, Rent, Car insurance premium, Student loan payment

Back

Electricity bill

Front

Will spent $3.75 for 3 pounds of granola. What is his unit rate in dollars per pound?

Back

$1.25 per pound

Front

Sargento cheese slices $2.48 for 10 slices or Velveeta Cheese slices $3.18 for 12 slices. Find the unit price for each and choose the better deal.

Back

Sargento

Front

What type of expense is your cell phone bill?

Back

Fixed

Tags

EPF.MCM.1

Front

What is gross income?

Back

Income before payroll taxes and deductions

Tags

EPF.IE.1.5

EPF.IE.1

Front

What is net pay?

Back

Income after payroll taxes and deductions

Tags

EPF.IE.1.5

EPF.IE.1

Front

What is the definition of salary?

Back

Compensation in the form of a fixed sum of money paid at regular intervals.

Tags

EPF.IE.1.5

Front

Which statement accurately describes how the 50/20/30 Rule would break down your take-home pay?

Back

50% needs, 20% on saving, and 30% on wants