Personal Finance 8.03: Question Preview (ID: 14531)


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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) $725
d) $1,125

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) $1,525
b) $1,825
c) $1,975
d) $2,725

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 gain of $50
b) Net gain of $200
c) Net loss of $50
d) Net loss of $200

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) Evaluate how well the spending plan worked
b) Implement the spending plan
c) Make realistic estimates for income and expenses
d) Use a control system to monitor money in and out

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

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) Implement the spending plan
b) Make realistic estimates for income and expenses
c) Review and revise her financial goals
d) Use a control system to monitor money in and out

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) Implement the spending plan
b) Make realistic estimates for income and expenses
c) Set smart financial goals
d) Use a control system to monitor money in and out

Brent used an envelope system to track his actual income and expenditures. What step in the spending plan process should Brent do NEXT?
a) Evaluate how well the spending plan turned out
b) Implement the spending plan
c) Make realistic estimates for income and expenses
d) Organize a recordkeeping format

Alice told her mother she plans to save $250 by April 1. What step in the spending plan process should Alice do NEXT?
a) Implement the spending plan
b) Make realistic estimates for income and expenses
c) Organize a recordkeeping format
d) Use a control system to monitor money in and out

What is the name of this class (won't be on the test obviously)
a) Personal Hygiene
b) Personal Loan
c) Personal Ads
d) Personal Finance

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