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Budget
Test Description: Review for test
Instructions: Answer all questions to get your test result.
1) money that comes in or is earned
A
flexible expenses
B
fixed expenses
C
expenses
D
income
2) money that you must pay out
A
flexible expenses
B
fixed expenses
C
expenses
D
income
3) payments that are always the same
A
income
B
flexible expenses
C
fixed expenses
D
expenses
4) payout of money than can change
A
expenses
B
income
C
fixed expenses
D
flexible expenses
5) money that is taken out of a paycheck
A
expenses
B
fixed expenses
C
deductions
D
income
6) Ed earns $550 a month. What is his yearly pay?
A
6600
B
5678
C
1234
D
8900
7) Ed earns $550 a month. His deductions are $150. What is his net pay
A
400
B
789
C
456
D
123
8) Ed earns $550 a month. He spends 25% on food. how much does he spend on food?
A
456.56
B
123.45
C
789.01
D
137.50
9) Ed earns $550 a month. He spends 5% for his phone. How much does he spend for his phone
A
56.78
B
12.34
C
27.50
D
90.12
10) what is principal
A
income
B
the discount
C
the interest
D
the main amount borrowed
11) what is the charge added to the amount borrowed
A
principal
B
liability
C
interest
D
discount
12) Tom borrowed 6,500 to buy used car. He must pay 4 percent interest. How much does he owe
A
6760
B
7410
C
6789
D
5678
13) a phone is on sale for 10% off. the regular price is $80.00. how much is the phone
A
$72.00
B
$70.00
C
$75.00
D
$80.00
14) what is the price for only one of a group of tiems
A
regular price
B
sale price
C
discount price
D
unit pricing
15) chicken noodle soup: three cans for $1.00. what is the unit price?
A
0.30
B
0.33
C
0.40
D
0.25
16) what are the important items on a check
A
amount in numbers and amount in words
B
signature and purpose
C
date, pay to the order of, amount in numbers, amount in words, signature, purpose
D
date and amount
17) Fill out four checks. show your teacher the checks. Use today's date
A
Ms. Beamon for $17.54 for the class cookie sale
B
Hobby Castle for 9.93 for model plane
C
Towne Outlet Store for $52.30 for school supplies
D
Friendly Fones for $39.00 for a new bedroom phone
18) On a checkbook ledger fill out 4 transactions. Use today's date for all transactions. Your starting balance is $150.00. Show your teacher.
A
void check #104
B
write check #101 to Fred's Discount Shop for $8.89
C
write check #102 to Polly's Pizza for $15.42
D
write check #103 to Northfield High School for $17.00
19) On a checkbook ledger fill out 4 transactions. Use today's date for all transactions. Your starting balance is $150.00. Show your teacher.
A
Online payment for power bill of $50.00
B
Service Charge of $8.00
C
Transfer $20.00 to savings
D
Withdraw $80.00 from ATM
20) For a credit card with 17.9% APR, how much would you owe on a balance of $375?
A
$456.78
B
$442.13
C
$432.11
D
$478.90
*select an answer for all questions
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