Unit 13 Review

Unit 13 Review

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Question 1

Determine what type of income (consistent/Inconsistent) each employee earns:

Paid on Commission

Hourly Pay

Salary

inConsistent

consistent

inConsistent

Question 2

You need new shoes for work which cost $83. Your net income is $420 each week, and you have expenses totaling $375 each week. If you set aside the difference between your income and your expenses each week, about how many weeks will it take to save enough to buy the shoes?

A) 4 weeks C) 3 weeks B) 1 week D) 2 weeks

Question 3

Suppose you are paid bi-weekly. Your gross income for each paycheck is $1,500 and your deductions for each paycheck total $450. What is your net pay for four weeks? What is your savings every four weeks?

Your expenses for every 4 weeks are shown in the table.

Question 4

Determine what type of expense (Essential/Discretionary) each cost is:

New Video Game

Groceries

Restauraunts/Movies

pet supplies

Gas

Discretionary

Discretionary

Essential

Discretionary

Essential

Question 4

Determine what type of expense (Essential/Discretionary) each cost is:

New Video Game

Groceries

Restauraunts/Movies

pet supplies

Gas

Discretionary

Discretionary

Essential

Discretionary

Essential

Question 5

Suppose you are a salaried employee, paid semi-monthly. You currently receive $4,300 gross income each pay period. You've been using the 20-50-30 budget model. If you would like to build up a 6-month emergency fund over a 13-month period of time, how much do you need to save each month to accomplish your goal?

Remember: Always budget with your NET income(~70% of your gross)

Question 6

Suppose you are considering a job in which you would be a salaried employee paid weekly. You know that your essential expenses are $2,591/mo. Use the 20-60-20 budget model to answer. What is the minimum gross amount you need to make each pay period to cover your essential expenses?

Question 7

Suppose you live in a city and have access to the city bus, the subway, a ridesharing service, and taxis. If all of the options could get you to work at the time you need and return you home at an appropriate time, which one would be the most cost efficient?

A) Taxi C) bus B) subway D) rideshare

Question 8

You are planning a vacation and have carefully researched all of the costs. You are planning to go in 15 months. The table below shows all of the costs you expect to incur plus a little money for extras. Based on these amounts, how much should you set aside each month to cover everything?

Upcoming...

Go into Edio and complete Unit 13 Test Monday 5/8 - UNit 14 project Wednesday 5/10 - Flex Day (No classes)