Goals & Budgeting Test Review

James just received his monthly treasure of $700! He spends $250 on his cozy castle (rent and utilities), $100 on feasting (food), and $30 on his trusty steed's upkeep (transportation). How much gold does James have left for his adventures?

• $320

• $350

• $450

• $380

Ethan is reviewing his finances and trying to figure out which of his expenses is a liability. Can you help him identify it?

• Cell phone

• Car

• Car loan

• Netflix

Imagine you're a treasure hunter like Arjun, and you've just found a chest of gold coins. Net pay is like the actual amount of gold coins you get to keep after sharing some with your crew. So, what does net pay mean?

• total amount of money earned before deductions are taken out.

• length of time for which employee's wages are calculated.

• actual amount of money received in a paycheck.

• total amount of deductions withheld from the paycheck.

Isla and Hannah are planning a day at the salon. Which of the following would be an example of a service they might enjoy?

• Hair Dryer

• Shampoo

• Hair Cut

• Extensions

Abigail, David, and Priya are discussing their finances. Which of the following could NOT be called income?

• An allowance

• A paycheck

• Insurance payment

• Interest earned on a savings account

Ethan just received his latest savings account statement, revealing a current balance of $1200. Alongside his trusty Honda Civic, valued at $8700, Ethan is pondering his financial standing. However, he still owes the bank $4300 on his car loan. Can you help Ethan figure out his net worth?

• $4400

• $9900

• $5600

• $14200

Kai has a dream to cruise around town in a snazzy used car. To make this dream come true, he plans to put down $2,500. He's already revved up his savings with $1,300. If Kai can turbocharge his savings by $150 each month, how many months will it take him to hit the $2,500 mark? Hint - First step (2500-1300 = how much he still has to save up)

• 6 months

• 8 months

• 10 months

• 12 months

Aiden just received his paycheck and after covering all his essentials, he has some discretionary income left. What fun activity might Aiden spend this extra money on?

• groceries

• utility bill

• car loan payment

• concert tickets

Evelyn is budgeting for her monthly expenses. Which of the following would be considered a variable expense in her budget?

• insurance premium

• rent

• electric bill

• magazine subscription

An example of a periodic expense would be:

• insurance premium
• rent
• electric bill
• magazine subscription