Math Apps Unit 5 Review

Which one of the following is NOT a reason to create a budget each month?

• It helps prevent you from overspending

• It helps you save for future big purchases

• It will do your tax return

• It helps you save money for emergencies

Select ALL of the following that are FIXED expenses.

• Car payment

• House payment/Rent

• Groceries

• Home/car Insurance

What type of expense is "Groceries" (Choose the most specific response).

• Fixed

• Discretionary

• Variable

• None of these

What type of expense is "Dining Out" (Choose the most specific response).

• Fixed

• Discretionary

• Variable

• All of these

What type of expense is "Rent or Mortage" (Choose the most specific response).

• Fixed

• Discretionary

• Variable

• None of these

Select ALL of the following that will either increase your income or decrease your spending.

• Find a better paying job

• Reduce energy bill by turning off lights, computers, etc when you are not using them.

• Pay only half of your electric bill

• Reduce the number of times you dine out (fast food or restaurants)

Suppose your monthly net income is $2550.00 and you make sure all of it is in your budget. If your power bill is $250.00, what percent of your budget is this bill? Round to the nearest WHOLE percent

• 10%

• 9%

• 8%

• 12%

Suppose your montly budget is still $2550.00. If your car payment is $425.00, what percent of your budget would this be (nearest whole percent).

• 25%

• 21%

• 20%

• 17%

Suppose your montly budget is $2375.00. You are trying to save for a new car so you don't want to spend more than 5% of your budget on personal costs. What is the maximum you can spend on personal costs (to the nearest penny)? Do not use the dollar sign.

Mathematical Equivalence

ON

You are creating a budget for an online presence on Etsy to sell your crafts. You have the expenses shown in the chart. What is the monthly budget (nearest penny, do not use the dollar sign)?

Mathematical Equivalence

ON