Quiz 4: Budgets, Assets, Liabilities, Balance Sheets

What formula(s) should go in cell C9?

• =(c3+c6)

• (c3+c6)

• sum(c3:c6)

• =sum(c3:c6)

Tags

CCSS.6.SP.B.5C

What is this person's net worth?

(a)  

Tags

CCSS.7.EE.B.3

What formula would calculate net worth in cell G11?

• =C9+G9

• =C9-G9

• =G9-C9

• C9+G9

Tags

CCSS.6.SP.B.5C

Terry starts the month with $2000 cash, $3000 in investments, and a car worth $2900.

He also owes his brother $1000 and has a student loan of 15000.

What is his current net worth?

• -$11000

• -$8100

• $7900

• $23900

Tags

CCSS.7.EE.B.3

Terry starts the month with $2000 cash, $3000 in investments, and a car worth $2900.

He also owes his brother $1000 and has a student loan of 15000.

Using the T- account to the left, what is his net worth at the end of the month?

• -$6800

• -$12700

• -$3800

• $23900

Tags

CCSS.7.NS.A.1A

Use the balance sheet to identify what formula or amount should go in each box.

• =sum(G8:G11)

• Cell C10

• 15000

• Cell C14

• $3000

• Cell C7

• =sum(C7:C11)

• Cell G14

• $2000

• Cell G9

Tags

CCSS.8.EE.A.4

How is wealth defined?

• How much money you have in your Checking and Saving accounts
• Debts - Assets
• All assets, including money in the bank + retirment
• Assets - Debts

Tags

CCSS.6.NS.C.7C

What is a 529 account?

• A type of retirement account for teens & younger adults
• A special type of saving account for minors
• A tax exempt fund that lets your savings grow for school
• A special type of saving account for college students only

How does the 50-20-30 rule distribute your income?

• 50% expenses, 20% flexible spending, 30% saving
• 50% expenses, 20% saving, 30% flexible spending
• 50% flexible spending, 20% saving, 30% expenses
• 50% saving, 20% flexible spending, 30% expenses

Tags

CCSS.6.RP.A.3C

What is a 403(b) plan?

• A plan that allows employees of not-for-profit organizations to make contributions to a retirement savings account

• A plan that allows employees to make post-tax contributions to a college savings plan

• A plan that allows employees of not-for-profit organizations to make pre-tax contributions to a health plan.

• A method for paying off student loan