WorksheetsBudget & Savings Summative
Total questions: 56
Worksheet time: 2hrs 52mins
What are the fixed expenses of Sherri's monthly budget?
cell phone, savings, other expenses
rent, utilities, groceries
cell phone, cable, other expenses
rent, utilities, cell phone
What are the variable expenses of Sherri's monthly budget?
rent, cable, groceries
savings, groceries, other expenses
rent, utilities, groceries
cell phone, utilities, other expenses
The graph above represents a family’s monthly budget. The family’s income is $3,125. How much money does the family spend on utilities, transportation costs, and savings?
$1000.93
$1093.75
$1937.50
$2037.50
Jay’s monthly income is $2,750. How much of Jay’s monthly income is spent on his car payment and insurance?
$587.50
$615.75
$655.75
$687.50
Match the term that fills in the blank.
Net Income
Taxes and withholdings impact your _ ,which is the amount of money you take home on your paycheck
Variable Expense
The cost of groceries and gas is considered a(n) _.
Irregular Income
To budget with a(n) _ prioritize expenses so your most important are covered 1st
This is considered a
All of these are "NEEDS" EXCEPT:
BUS FARE
MOVIE TICKETS
RENT
GROCERIES
Lola is saving for a vacation. Based on the budget numbers here, how much can she put in her vacation account this month?
$32.00
$48.00
$112.00
$128.00
Cory's budget shows a problem. His weekly expenses average $10 more than his earnings. Cory works 5 days a week and every day on his way to work, he spends $2.50 on hot chocolate. Will cutting out the hot chocolate, this week, help Ellis balance his budget?
Yes, and he will have some money left over
Yes, the amount he saves will balance his budget exactly.
No, Ellis will have to find other places to cut.
Gabby wants to buy a new dishwasher that costs $500. She has already saved $100. She earns $1,200 a month and her total monthly expenses come to $1,000. Gabby is going to put all of her extra money each month into her savings account for the dishwasher. Assuming her expenses stay the same, how long will it take Gabby to save enough money for the dishwasher?
three months
Two monthes
five months
one month
A plan on how to spend and save money
Saving
Spending
Budget
Income
Setting money aside to use in the future
Budget
Expense
Income
Saving
Which of the following is not a basic need?
food
utilities
vacation
housing
What is overspending?
Using money you get to spend.
Using more money than you have available.
Using money you have in the bank.
Something thought to be an essential item required for life (food, water etc.).
Need
Want
Desire
Something unnecessary but you desire.
Need
Want
Expect
What are goals called that take more than a year to accomplish?
Short-term goals
Long-term goals
Expenses
What are goals called that take less than a year to accomplish?
Short-term goals
Long-term goals
Expenses
Money earned after taxes and other deductions.
Net income
Gross income
Monthly income
What do families spend most of their money on?
Transportation
Housing
Food
How can you boost your credit score?
Pay your bills on time and the entire amount.
Miss your payments.
Go over your credit limit.
Ivan deposits $5,000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the first 3 years?
What is the principle? (a)
What is the rate? (b)
What is the time? (c)
Ivan deposits $5,000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the first 3 years?
Maria deposits $300 into an account that pays simple interest at a rate of 6% per year. How much interest will she be paid in the first 5 years?
I = P⋅r⋅t
= ( (a) ) x ( (b) ) x ( (c) )
To be able to go on a trip to South America, Ann decides to save for 4 years. She opens a savings account with $300. The account pays simple interest at an annual rate of 5%. She doesn't make any more deposits. What will the total amount in the account be (including interest)?
Josh deposits $5,000 into an account that pays simple interest at an annual rate of . He does not make any more deposits. He makes no withdrawals until the end of years when he withdraws all the money. What will the total amount in the account be (including interest)?
Caiden deposited $475 in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 years?
$827.52
$831.10
$839.45
$846.80
You borrowed $59,000 for 2 years at 11% which was compounded annually. What is the total?
$13,693.90
$1,363.90
$72,693.90
$73,793.90
Which is an exceptional credit score?
672
555
713
813
You can help getting approved for a loan by using a
Helper
Co-Signer
Credit card
FICO Score
If you spend 30% of your income on housing, 20% on food, 10% on transportation, 15% on savings, and 25% on other expenses, what percentage of your income is saved?
15%
25%
30%
10%
What is a realistic approach to budgeting if your expenses exceed your income?
Increase your debt
Reduce your savings
Cut down on wants
Ignore the budget
What is the 50/30/20 rule in budgeting?
50% needs, 30% wants, 20% savings
50% savings, 30% needs, 20% wants
50% wants, 30% savings, 20% needs
50% income, 30% expenses, 20% debt repayment
The Lopez family has a net monthly income of $5,000.
How much money does the Lopez family spend on food each month?
$525
$600
$550
$300
Which of the following is generally the most expensive category in a person’s budget?
Healthcare
Clothing
Transportation
Housing
If you have a monthly income of $3,000 and you follow the 50/30/20 budgeting rule, how much money should you save?
$600
$900
$1,500
$1,200
John wants to buy a new television for his mother.
The cost of the television is $276.45, including tax. he has $90 saved. He will work in a kitchen for three months to save the remaining amount of money needed to buy the television. If he will earn the same amount of money each month, how much money must John earn each month to save the exact remaining amount needed?
$186.45
$62.15
$214.30
$92.15
Michael dislikes that when he gets behind on his payments using a (a) he will be charged interest.
Affects credit score
Debit Card
Credit Card
Both
Everything you state on your application must be true or an employer can fire you.
True
False
