Module 5: Money Management Test

Valerie keeps track of her fixed and variable expenses. The chart below lists her expenses for the months of May and June. How much were her variable expenses in May?

• $95

• $100

• $195

• $235

At the time Mark's braces were put on, Mark's parents decided to pay half the total cost up front and the remaining $1,600 in six months when his braces were scheduled to be removed. What type of financial goal is this?

• Short-term

• Long-term

• Immediate

• Annual

How is personal net worth calculated?

• Subtracting total liabilities from total assets

• Subtracting total assets from total liabilities

• Totaling the purchase prices of all items a person owns

• Adding total assets and total liabilities

Which of the following is an example of collectibles that you should include on your personal property inventory and net worth statement?

• Stamp collection

• Stuffed animals from childhood

• Collection of seashells

• Your button collection

Rossi has a part-time job delivering pizzas to raise money for college in two years. Going to college is one of Rossi's .....

• Goals

• Dreams

• Hopes

• Values

In creating her budget, Latisha realizes that her expenses exceed her income. Latisha should immediately try to...

• Apply for a loan

• Ignore her budget until she has more income

• Reduce or eliminate some expenses

• Open an IRA account

What is the most common purpose for a net worth statement?

• Loan or credit application

• To obtain a checking account

• Damage report

• Employment application

What are a house payment and insurance examples of?

• Fixed expenses

• Income

• Variable expenses

• Investments

Which of the following is an example of a fixed expense?

• Mortgage (house payment)

• Grocery bill

• Gas bill

• Electric bill

To reach her financial goals, Lauren has calculated that she needs an additional $25 per week. Lauren can only work 20 hours per week during the school year, so she wants to ask her supervisor for a raise to increase her income. If she currently earns $6.75 per hour, how much of a raise per hour should she request?

• $1.25 per hour

• 50 cents per hour

• 75 cents per hour

• $8.00 per hour