Worksheets1.1 Living Paycheck to Paycheck
Total questions: 8
Worksheet time: 8mins
How much money is left over for the remainder of the month?
$0
$300
$400
$500
Your car has broken down and you have to spend $200 on repairs. How much money do you now have left for the remainder of the month?
$200
$0
$100
$300
This unexpected expense affects your budget and financial stability by:
Reducing available funds and potentially causing financial strain.
Increasing your income and savings automatically.
Having no impact on your financial situation.
Guaranteeing you will have extra money left over.
Refer to the table of monthly expenses and income for an Entry-Level Office Assistant. How much money is left over for the remainder of the month?
$250 (Total income $2500 - Total expenses $2250)
$150 (Total income $2500 - Total expenses $2350)
$350 (Total income $2500 - Total expenses $2150)
$50 (Total income $2500 - Total expenses $2450)
Since you are now in a deficit (expenses exceed your income), what other expenses can you reduce or eliminate to ensure you have enough money to pay your $300 unexpected medical expense?
Reduce or eliminate non-essential expenses such as dining out or entertainment.
Increase your income by working extra hours.
Ignore the medical expense and pay it later.
Take out a loan to cover the expense.
Managing your finances with a limited income as an Entry-Level Office Assistant can feel:
Challenging and requires careful budgeting
Effortless and stress-free
Unnecessary to track expenses
Always results in surplus savings
Living paycheck to paycheck presents challenges that can influence future financial decisions. What is one likely impact of this experience?
It encourages better budgeting and saving habits.
It leads to spending more on luxury items.
It makes people less aware of their finances.
It guarantees financial independence.
Having strong financial literacy can help you avoid living paycheck-to-paycheck by:
enabling you to budget and manage your money effectively
encouraging you to spend more than you earn
making it easier to ignore your financial situation
leading you to avoid saving for emergencies
