FM Review

An example of a short-term goal is:

• Saving for 2 months for an $80 outfit

• Saving for 5 years for a $3000 dream vacation to Italy

• Saving for 3 years for a $1500 car down payment

Sandy wants to save $200 over the next 4 months for a lift ticket to go skiing. How much should she save each month?

• $800

• $100

• $50

The amount Travis spends on gas every month changes based on gas prices and how much he drives. This is a:

• Fixed expense

• Variable expense

• Periodic expense

Which of the following is one of the steps in creating a budget?

• Record expenses, listing needs first, then wants

• Create a spending chart for special events

• Create a table for cash gifts

Isabella earns $2,400 a month. Her rent should be 35% of her paycheck. How much should she be paying in rent?

• $840

• $720

• $960

What type of financial institution requires membership based on certain groups?

• Commercial Bank

• Credit Union

• Pay Day Loan

Dean has a basic account for deposits, withdrawals, and check writing. What type of account is this?

• Retirement Plan Account

• Savings Account

• Checking Account

Based on the check register, what is Sara’s balance after the Sam’s Cafe purchase?

• $402.90

• $379.34

• $391.12

A fixed amount of money paid per item or task completed is called:

• Piece rate pay

• Hourly wage

• Production rate

Nellie earns $12.00/hr and worked 37 hours. What is her gross pay?

• $44.40

• $444.00

• $4,440.00