4.1 - 4.2 Review Budgeting & Systems of Inequalities

1. 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

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

• Wants
• Needs
• Income
• Expenses

3. Which of these statements accurately describes fixed expenses in a budget?

• They are often hard to change and they usually make a small impact on your budget
• They are often easy to change and they usually make a small impact on your budget
• They are often hard to change and they usually make a large impact on your budget
• They are often easy to change and they usually make a large impact on your budget

4. Which of these expenses is typically the largest single expense for American households?

• Food
• Housing
• Insurance
• Transportation

5. All of the following are benefits of hourly work, EXCEPT...

• Opportunities for overtime and holiday pay
• Consistent paycheck
• Some control over scheduling and work hours
• Opportunity to pursue other jobs and interests

6. If you receive inconsistent income, the best advice for budgeting is:

• Spend a lot in months when you make a lot of money
• Save a lot in months when you make a lot of money
• Spend mostly on your wants, because that is what will make you happiest
• Only pay bills when you have a surplus of income

7. Vanessa is a 56-year-old lawyer, married, and a mother of 3 teenagers. Pierce is a 26-year-old single dad to a toddler and a retail store manager. How would their needs and wants budgets compare?

• Their budgets would have the same needs and the same wants
• Their budgets would have the same needs and different wants
• Their budgets would have different needs and the same wants
• Their budgets would have different needs and different wants

8. 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

9. Mustafa wants to earn a total of at least $900 per week from working as a freelance graphic designer and as a dog walker. The graph of the inequality represents this scenario. Mustafa could work all of the following work combinations to meet his goal, EXCEPT...

• 20 hours as a graphic designer and 20 hours as a dog walker
• 5 hours as a graphic designer and 35 hours as a dog walker
• 40 hours as a graphic designer and 0 hours as a dog walker
• 0 hours as a graphic designer and 45 hours as a dog walker

10. Which of the following points is a solution to the system graphed on the coordinate plane?

• (2, 1)
• (-1, -1)
• (-3, 4)
• (0, 0)