UNIT 2 TEST (Chapters 3, 8, 12)

Avery, Ava, and Zoe went to buy their favorite snacks at the store. When they paid, they noticed an extra charge added to their bill. This extra amount is an example of which type of tax?

• Gift tax

• Property tax

• Sales tax

• Wealth tax

Grace just received her paycheck and is excited to see how much she actually gets to take home. The amount of money Grace takes home in her paycheck is called (a)   .

• Budget

• Cash-flow statement

• Gross income

• Net income

Noah, Mia, and Aiden are learning about finances. Which one of the following is an example of an asset that they might own?

• Car loan for your personal vehicle

• Computer equipment that you own

• Credit card to your favorite store

• Rent that you pay every month

James is reviewing his monthly budget and notices that his rent always stays the same. He realizes this is a(n) (a)   . Can you help James figure it out?

• Fixed Cost

• Variable Cost

• Total Cost

• Opportunity Cost

Aiden and Ethan are planning a road trip! As they budget for their adventure, they realize the cost of gas and groceries is an example of a(n) (a)   . What type of expense is this?

• Discretionary expense

• Fixed expense

• Intermittent expense

• Variable expense

Avery and Mia are planning their monthly expenses. To budget with a(n) (a)   , they decide to prioritize their expenses from the most to the least important so that all of their top priorities are covered first. What type of income are they working with?

• Gross income

• Irregular income

• Net income

• Salary

Luna, Benjamin, and Charlotte are trying to manage their money better. What will tracking their expenses help them do?

• Catch errors

• Make adjustments

• Stick to a budget

• All of the above

Aria, Evelyn, and Benjamin are learning about the Four Walls. Which one of these is NOT considered one of the Four Walls?

• Food

• Schooling

• Shelter

• Utilities

Noah and Avery are planning a school project that will take ten months to complete. The goal they set for this project is considered a (a)   . Can you help them figure out what type of goal it is?

• Short-term goal

• Medium-term goal
• Long-term goal

Lily and Luna are chatting about money habits. Lily says, "Whether you're a saver or a spender, it doesn't affect how you act when shopping!" Do you agree with Lily?

• True

• False