4.0 Unit Exam 10/31/24 - Jennifer Pariseau | Biblioteka

3

Which of these is an example of a fixed expense?

The insurance premiums you pay every month

The ice cream cone you buy on Wednesdays after school

The gas you fill up your car with every week

The groceries you buy every month

3

Your apartment rent, tickets to a concert, a pepperoni pizza, and your cell phone bill are all examples of…

Needs

Expenses

Wants

Income

3

Which of the following items has the lowest unit price?

A 29.4 oz box of brand-name cereal for $4.99

A 39 oz bag of generic cereal for $4.68

A 21.6 oz box of generic cereal for $2.93

A 19 oz box of brand-name cereal for $3.99

3

On the first day of every month, Raina sits down at her computer, builds a spreadsheet, and allocates all of her income toward expenses or saving. There’s no dollar that is unaccounted for in her budget. Which strategy is Raina using?

Expense Management

Cash Envelope System

50/30/20 Budgeting

Zero-Based Budgeting

3

When making your budget, you realize that you will not earn enough money to cover all of your expenses. All of the following are suggested ways of balancing your budget, EXCEPT...

Spending less on food by eating out less and buying in bulk

Borrowing money from your friends every month to make up the difference

Getting a roommate to share housing expenses

Reducing transportation costs by using public transportation instead of owning a car

3

Which piece of advice about budgeting for variable expenses is most useful?

Do NOT budget for variable expenses, since they only make 5% of total spending on average

Aim to reduce your variable expenses to $0 on your budget because they are always “wants”

Track your variable expenses for a few months to find your average monthly costs

Focus on budgeting for fixed expenses because they are easier to change

3

Which of these statements accurately describes fixed expenses in a budget?

They are often easy to change and they usually make a small impact on your budget

They are often easy to change and they usually make a large impact on your budget

They are often hard to change and they usually make a large impact on your budget

They are often hard to change and they usually make a small impact on your budget

3

Which of these expenses is typically the largest single expense for American households?

Insurance

Transportation

Housing

Food

3

A household is defined as housing-burdened if their housing costs are greater than...

20% of their income

30% of their income

40% of their income

50% of their income

3

All of the following are benefits of hourly work, EXCEPT...

Some control over scheduling and work hours

Opportunities for overtime and holiday pay

Opportunity to pursue other jobs and interests

Consistent paycheck

3

Which statement best describes the main function of using the cash envelope system of budgeting?

You only accept cash as income so you can avoid paying state and federal taxes on your earnings

You keep your savings in an envelope instead of at a bank or credit union so your money has greater protection against theft

You put each of your fixed expenses into an individual envelope so you know how much to pay every month

You allocate your spending cash for wants into labeled envelopes so you are spending intentionally and sticking to your budget

3

If you receive inconsistent income, the best advice for budgeting is:

Save a lot in months when you make a lot of money

Spend a lot in months when you make a lot of money

Spend mostly on your wants, because that is what will make you happiest

Only pay bills when you have a surplus of income

3

Cameron is working in a grocery store where he makes $22 an hour as an assistant manager. His work hours are irregular depending on the time of year, so he has kept track of his total hours worked for the last 6 months. Use the table below to calculate Cameron’s average gross monthly income. Round your answer to the nearest whole dollar.

$2,893

$3,348

$152

$913

3

Jennifer is a 56-year-old lawyer, married, and a mother of 3 teenagers. Joshua is a 26-year-old single dad to a toddler and a retail store manager. How would their needs and wants budgets compare?

Their budgets would have the same needs and the same wants

Their budgets would have different needs and the same wants

Their budgets would have different needs and different wants

Their budgets would have the same needs and different wants

3

If Maurice makes $6000 per month in take-home pay and utilizes the 50/30/20 method of budgeting, how much would he be putting toward his wants every month?

$1200

$1800

$3000

$4800

3

Jayda wants to earn a total of at least $900 per week from working as a freelance graphic designer and as a dog walker. The graph of the inequality represents this scenario. Jayda could work all of the following work combinations to meet her goal, EXCEPT...

20 hours as a graphic designer and 20 hours as a dog walker

5 hours as a graphic designer and 35 hours as a dog walker

40 hours as a graphic designer and 0 hours as a dog walker

0 hours as a graphic designer and 45 hours as a dog walker

3

You are completing calculations on spreadsheet below and write the formula =C4*D4. What value will result?

$264.14

$435.93

$1243.19

$500.02

3

Which of the following equations should be typed into cell B13 to calculate the total expenses for this budget?

ADD(B2:B11)

=TALLY(B2:B11)

=SUM(B2:B11)

=TOTAL(B2:B11)

3

Which of the following points is a solution to the system graphed on the coordinate plane?

(-1,-1)

(-3,4)

(2,1)

(0,0)

3

Which of the following sets of inequalities is represented by this graph?

y > 4 , x > 2 , x - y ≤ 7

y ≤ 4 , x > 2 , x + y ≤ 7

y < 4 , x ≥ 2 , x + y ≤ 7

y ≤ 4 , x > 2 , x - y ≤ 7

8

5

Use the following scenario to answer questions 24 and 25.

Madelyn and her friends are trying to find a restaurant where they can meet up for lunch. Each friend has some preferences about the meal’s location and price. Help them find a restaurant that works for all the friends.

Nadia: Is biking and prefers a restaurant no more than 4 miles away with meals under $7

Angelina: Will rent a scooter that costs $1/mile and has a total budget of $8 for the lunch outing

Aliyah: Is running and wants a workout of at least 2 miles before lunch and has a $10 budget

6

13

Which, if any, of the following restaurants would satisfy all the friends? Justify your response by graphing each inequality & labeling the coordinates of Restaurant option on the graph.

Restaurant A: 4 miles away with $4 meals

Restaurant B: 3 miles away with $6 meals

Restaurant C: 3.5 miles away with $5.50 meals

Restaurant D: 1 miles away with $7 meals

Restaurant E: 2.5 miles away with $4.50 meals