AnswersEA ACADEMY PHYSICAL SCIENCE SPRINGUnit Test

Creating a Personal Budget Answers

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1
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Which of the following are necessary to create a budget? Choose three correct answers.amount of money spentamount of money earnedbudgeting softwaregovernment approvalincome from work or investmentspen and paper

A
amount of money spent
B
amount of money earned
C
budgeting software
D
government approval
E
income from work or investments
F
pen and paper
2
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Levi created a budget to determine his expenses, but at the end of the month, the amount of money he spent was different from the amount of money he budgeted.

A
rent
B
taxes
C
income
D
groceries
3

Review the table.

Question illustration
A
Noah can use his credit card for expenses.
B
Noah can budget money for emergency use.
C
Noah can budget less for fun money.
D
Noah can take out another loan.
4

Review the table.

Question illustration
A
The total amount will be exactly the same.
B
The money spent on a team outing will stay at $423.
C
The payment to the internet company will be higher.
D
The total amount will be at least $17,200.
5

Review the table.

Question illustration
A
to save money to buy a surfboard
B
to find a new source of income
C
to change to a cheaper cell phone plan
D
to determine how to spend his fun money
6

How do variable expenses make budgeting more difficult?

A
They include net income.
B
They are not necessary for living.
C
They change from month to month.
D
They are higher than fixed expenses.
7

Review the table.

Question illustration
A
$0
B
$15
C
$35
D
$40
8

Review a software employee’s first paycheck.

Question illustration
A
needs
B
savings
C
income
D
expenses
9

What category is most likely to contain expenses that are wants, rather than needs?

A
housing
B
groceries
C
entertainment
D
transportation
10

Fatima does not think she needs a budget because she does not tend to overspend.

A
It could help her make more money from her job.
B
It could help her meet short-term or long-term goals.
C
It could help her decide what future careers to prepare for.
D
It could help her compare the services from different banks.
11

Which statement best explains the relationship between gross income and net income?

A
Gross income is equal to net income minus taxes.
B
Gross income is equal to one-half the net income.
C
Net income is equal to twice the gross income.
D
Net income is equal to gross income minus taxes.
12

Study the table. How do variable expenses affect this budget?

Question illustration
A
They cause total expenses to remain the same each month.
B
They cause total expenses to change each month.
C
They cause fixed expenses to change each month.
D
They increase the total amount spent each month.
13

What are savings in a budget?

A
money used to buy immediate needs
B
money set aside to use later
C
expenses that change from month to month
D
expenses that remain the same every month
14

Consider Audrey’s budget. What should she do with the money she has left over at the end of the month?

A
put all of it into savings
B
put half of it into savings, and spend the other half on something she wants
C
spend all of it on something she needs or wants
D
donate some or all of it to a cause or charity she is passionate about
15

Compare Hector’s monthly earnings with his family’s expenses.Which expense is considered fixed?

A
rent
B
electric bill
C
groceries
D
savings
16

Review Jesse’s budget.Which budgeting choices can Jesse make to get a car sooner than originally planned? Choose five correct answers.

A
spend less and save more over the next year
B
set aside more money for the yearly spending allowance
C
save for a car that costs less money
D
work more hours at the store after school or on weekends
E
work all 52 weeks out of the year
F
work a few extra weeks at the farm
17

Budgets are created by calculating

A
debt and income.
B
expenses and savings.
C
income and expenses.
D
wants and needs.
18

Dasha got a new job that pays $40,000 per year. She wants to make a monthly budget. How can Dasha calculate her monthly income?by dividing $40,000 by 12 monthsby dividing $40,000 by her expensesby subtracting her expenses from $40,000by multiplying $40,000 by 12 months

A
by dividing $40,000 by 12 months
B
by dividing $40,000 by her expenses
C
by subtracting her expenses from $40,000
D
by multiplying $40,000 by 12 months
19

Study this table, which shows monthly income and different types of income tax. How can this information be used to calculate net pay?Subtract three of the taxes from the monthly gross pay.Subtract all four taxes from the monthly gross pay.Add two of the taxes to the monthly gross pay.Add all four taxes to the monthly gross pay.

A
Subtract three of the taxes from the monthly gross pay.
B
Subtract all four taxes from the monthly gross pay.
C
Add two of the taxes to the monthly gross pay.
D
Add all four taxes to the monthly gross pay.
20

Study this table. Which expenses are variable? Chose two correct answers.mortgagefoodcarentertainment

A
mortgage
B
food
C
car
D
entertainment

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