Post-test review

Which of the following are sources of income?

• Money earned from working a part time or full time job

• Interest earned from investments or dividends

• Money Earned from online sales or rental property

• All of the above

Going to the movies is an example of what types of expenses?

• Intermittent and Variable

• Discretionary and Variable

• Discretionary and Fixed

• Intermittent and Fixed

You are putting together your first budget after graduating from college. Your take-home or net pay from your job will be $2500 per month. You estimate your monthly costs to be rent of $800, car payment of $350, car insurance of $150, car maintenance of $50, entertainment of $200, food expense of $250, mobile phone of $100, cable bill of $75, college loan of $100, emergency savings of $50, retirement savings of $50, and other expenses of $250. How would you describe your budget after analyzing all of your income and expenses?

• You have a deficit of $75

• You have a surplus of $75

• You have a balanced budget

• You have a zero-based budget

Which of the following is NOT a free resource used to assist with maintaining a budget?

• Financial Advisor

• Envelope System

• Spreadsheets

• Paper and Pencil

What is the difference between gross pay and net pay?

• Net pay describes your pay after    

    deductions; gross pay is before

• Gross pay describes your pay after 

    deductions; net pay is before

• Gross and net pay are the same thing

• None of them

Dayanara’s gross income was $550. What was her net income if her deductions were $110 for income taxes and $22.50 for health insurance?

• $132.50

• $638.50

• $417.50

• $440.00

Credit card companies make a profit in all of the following ways except …

• Charging fees for cash advances, balance transfers, and late payments

• Charging stores a fee for accepting credit cards

• Charging new cardholder applicants a processing fee transaction

• Charging finance charges on any unpaid balances or cash advances

Michael Peterson’s credit card statement for the month of December showed a membership fee of $40, a late fee of $15, a finance charge of $11.72, and an over-the-limit fee of $14.  What was the total cost of the card to Michael in December?

• $40.72

• $80.72

• $69.72

• $66.72

Which is an excellent credit score?

• 900

• 750

• 650

• 550

Your credit score is important because when you have a bad credit score …

• It can affect your interest rate when you finance a car or home

• It can have an impact on whether you can finance major purchases

• It can determine whether you can get new credit cards

• All of the above