Modules 101-102 Review Part 1 Question Preview (ID: 33523)


Modules 101-102 Review Part 1. TEACHERS: click here for quick copy question ID numbers.

The money left over after all expenses are subtracted from income is known as savings.
a) True
b) False
c)
d)

Buying a ____________________ is an example of a long-term financial goal.
a) coffee
b) music download
c) house
d) new coat

Short-term financial goals can be reached within
a) decades
b) weeks or months
c) 30 years
d) a lifetime

College tuition is usually considered a long-term financial goal because it
a) requires a lot of time and planning to reach
b) is an anticipated expense
c) involves no budgeting whatsoever
d) results in higher earnings over a lifetime

If each monthly issue of Ballet Today costs Marie $2.50, then she spends _________ annually for her subscription.
a) $12.50
b) $15.00
c) $25.00
d) $30.00

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) $12.50
b) $15.00
c) $25.00
d) $30.00

A winning lottery ticket or a scholarship is an example of
a) unanticipated income
b) discretionary income
c) an anticipated expense
d) savings

A(n) ____________________is an example of an anticipated expense.
a) emergency vet bill
b) car repair bill
c) winning lottery ticket
d) cell phone bill

You can calculate discretionary income by subtracting
a) essential income from expenses
b) anticipated income from unanticipated income
c) essential expenses from income
d) anticipated expenses from unanticipated expenses

Which column in an annual budget indicates the money you really spent during the year?
a) Income
b) Budgeted for the year
c) Actual spending
d) Over/Under/Equal

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