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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
income
B
expenses
C
fixed expenses
D
flexible expenses
2) money that you must pay out
A
income
B
fixed expenses
C
expenses
D
flexible expenses
3) payments that are always the same
A
expenses
B
flexible expenses
C
income
D
fixed expenses
4) payout of money than can change
A
flexible expenses
B
fixed expenses
C
income
D
expenses
5) money that is taken out of a paycheck
A
fixed expenses
B
expenses
C
deductions
D
income
6) Ed earns $550 a month. What is his yearly pay?
A
5678
B
1234
C
8900
D
6600
7) Ed earns $550 a month. His deductions are $150. What is his net pay
A
789
B
456
C
400
D
123
8) Ed earns $550 a month. He spends 25% on food. how much does he spend on food?
A
789.01
B
137.50
C
456.56
D
123.45
9) Ed earns $550 a month. He spends 5% for his phone. How much does he spend for his phone
A
12.34
B
90.12
C
56.78
D
27.50
10) what is principal
A
the interest
B
income
C
the discount
D
the main amount borrowed
11) what is the charge added to the amount borrowed
A
interest
B
liability
C
discount
D
principal
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
$70.00
B
$75.00
C
$72.00
D
$80.00
14) what is the price for only one of a group of tiems
A
regular price
B
unit pricing
C
sale price
D
discount price
15) chicken noodle soup: three cans for $1.00. what is the unit price?
A
0.33
B
0.30
C
0.25
D
0.40
16) what are the important items on a check
A
date, pay to the order of, amount in numbers, amount in words, signature, purpose
B
signature and purpose
C
amount in numbers and amount in words
D
date and amount
17) Fill out four checks. show your teacher the checks. Use today's date
A
Towne Outlet Store for $52.30 for school supplies
B
Friendly Fones for $39.00 for a new bedroom phone
C
Ms. Beamon for $17.54 for the class cookie sale
D
Hobby Castle for 9.93 for model plane
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 #103 to Northfield High School for $17.00
C
write check #102 to Polly's Pizza for $15.42
D
write check #101 to Fred's Discount Shop for $8.89
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
Withdraw $80.00 from ATM
C
Service Charge of $8.00
D
Transfer $20.00 to savings
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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