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Modules 101-102 Review Part 1
Test Description: Modules 101-102 Review Part 1
Instructions: Answer all questions to get your test result.
1) The money left over after all expenses are subtracted from income is known as savings.
A
True
B
False
2) Buying a ____________________ is an example of a long-term financial goal.
A
coffee
B
new coat
C
house
D
music download
3) Short-term financial goals can be reached within
A
decades
B
weeks or months
C
a lifetime
D
30 years
4) College tuition is usually considered a long-term financial goal because it
A
is an anticipated expense
B
results in higher earnings over a lifetime
C
requires a lot of time and planning to reach
D
involves no budgeting whatsoever
5) If each monthly issue of Ballet Today costs Marie $2.50, then she spends _________ annually for her subscription.
A
$25.00
B
$12.50
C
$15.00
D
$30.00
6) If instead of buying six pairs of ballet shoes a year (at $15 a pair), Marie only buys four pairs, then she saves __________ a year.
A
$30.00
B
$12.50
C
$25.00
D
$15.00
7) A winning lottery ticket or a scholarship is an example of
A
unanticipated income
B
savings
C
an anticipated expense
D
discretionary income
8) A(n) ____________________is an example of an anticipated expense.
A
car repair bill
B
cell phone bill
C
winning lottery ticket
D
emergency vet bill
9) You can calculate discretionary income by subtracting
A
anticipated expenses from unanticipated expenses
B
essential income from expenses
C
essential expenses from income
D
anticipated income from unanticipated income
10) Which column in an annual budget indicates the money you really spent during the year?
A
Over/Under/Equal
B
Actual spending
C
Income
D
Budgeted for the year
*select an answer for all questions
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