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Personal Finance 8.03
Test Description: Personal Finance 8.03
Instructions: Answer all questions to get your test result.
1) During June, Lisa spent $300 on a trip, received a gift valued at $400, paid $250 for the rent, paid $175 in living expenses, and earned $300. What are Lisa's total expenses
A
$475
B
$550
C
$1,125
D
$725
2) Jason earned $1,525 in wages, paid his parents $750 for household expenses, sold his four-wheeler for $300, and paid $120 on life insurance policy. What is Jason's total income?
A
$1,975
B
$2,725
C
$1,525
D
$1,825
3) John had $75 in total expected income for the month and $125 in total anticipated expenses. What is John's net gain or loss?
A
Net loss of $50
B
Net gain of $200
C
Net loss of $200
D
Net gain of $50
4) Carl selected a format and decided to prepare his spending plan for a one-month period. What step in the spending plan process should Carl do NEXT?
A
Use a control system to monitor money in and out
B
Implement the spending plan
C
Make realistic estimates for income and expenses
D
Evaluate how well the spending plan worked
5) Gina made a decision to develop a spending plan. What step in the spending plan process should Gina do NEXT?
A
Evaluate how well the spending plan worked
B
Implement the spending plan
C
Make realistic estimates for income and expenses
D
Set smart financial goals
6) Eve had not paid for her senior expenses by the date set; so, she determined that her spending plan had not worked at all. What step in the spending plan process should Eve do NEXT
A
Make realistic estimates for income and expenses
B
Use a control system to monitor money in and out
C
Review and revise her financial goals
D
Implement the spending plan
7) Dee set up a weekly spending plan showing columns for income and expenses. What step in the spending plan process should Dee do NEXT?
A
Use a control system to monitor money in and out
B
Make realistic estimates for income and expenses
C
Set smart financial goals
D
Implement the spending plan
8) Brent used an envelope system to track his actual income and expenditures. What step in the spending plan process should Brent do NEXT?
A
Organize a recordkeeping format
B
Make realistic estimates for income and expenses
C
Evaluate how well the spending plan turned out
D
Implement the spending plan
9) Alice told her mother she plans to save $250 by April 1. What step in the spending plan process should Alice do NEXT?
A
Use a control system to monitor money in and out
B
Implement the spending plan
C
Organize a recordkeeping format
D
Make realistic estimates for income and expenses
10) What is the name of this class (won't be on the test obviously)
A
Personal Loan
B
Personal Finance
C
Personal Ads
D
Personal Hygiene
*select an answer for all questions
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