3
QuizMultiple Choice

Principles of Financial Planning — Unit test

Question 3 • Personal Finance - EL3403

Iliana’s gross pay is $2,130 per month. Her deductions total $270. She budgets for $1,000 in fixed expenses and $400 in variable expenses. How much money will Iliana be able to save?

Answer
A
$270
B
$460
C
$730
D
$860

Explanation

First subtract deductions from gross pay to find Iliana’s take-home pay: $2,130 − $270 = $1,860. Then subtract her fixed and variable expenses: $1,860 − $1,000 − $400 = $460. She will be able to save $460, which is choice B.

AI-written and checked against the verified answer.

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