Weekly to Monthly
Groceries cost $68 per week. How much should you budget for groceries for four weeks?
A. $204
B. $272
C. $282
D. $340
B. $272
Monthly expenses are $1,125 for rent, $280 for groceries, $145 for utilities, and $65 for phone service. What are the total expenses?
A. $1,550
B. $1,605
C. $1,615
D. $1,715
C. $1,615
1,125 + 280 + 145 + 65 = $1,615
A paycheck lists money taken out for taxes and insurance. What are these amounts called?
A. Savings
B. Interest
C. Income
D. Deductions
D. Deductions
Nico pays for shoes using a card that takes money directly from a linked checking account. What is Nico using?
A. A credit card
B. A debit card
C. A loan
D. A paycheck
B. A debit card
Your transportation costs $47 per week. What is your transportation expense for four weeks?
A. $141
B. $178
C. $208
D. $188
D. $188
Your monthly take-home pay is $2,400. Your total monthly expenses are $1,865. How much money remains?
A. $635
B. $535
C. $565
D. $435
B. $535
2,400 − 1,865 = $535
Sam earns $700 before anything is taken out of the paycheck. Sam receives $590 after deductions. Which statement correctly labels these amounts?
A. $700 is net pay; $590 is gross pay.
B. $700 is gross pay; $590 is take-home pay.
C. $700 is savings; $590 is take-home pay.
D. $700 is gross pay; $590 is deductions.
B. $700 is gross pay; $590 is take-home pay.
Leah buys a $90 jacket with a credit card and has not repaid the purchase. What does the $90 represent?
A. Debt Leah owes
B. Savings Leah earned
C. A paycheck deduction
D. Interest Leah received
A. Debt Leah owes
You spend $65 per week on groceries and $30 per week on transportation. What is the combined cost for four weeks?
A. $380
B. $260
C. $290
D. $350
A. $380
Taylor receives $1,950 in monthly take-home pay but has $2,180 in monthly expenses. By how much do expenses exceed income?
A. $330
B. $180
C. $250
D. $230
D. $230
2,180 − 1,950 = $230 short
Before receiving a paycheck, Mia plans how much will go toward bills, savings, and entertainment. What is Mia creating?
A. A budget
B. A credit report
C. A paycheck
D. A purchase receipt
A. A budget
Two loans have the same amount, repayment schedule, and fees. One has a 12% APR; the other has a 24% APR. Which statement is accurate?
A. The 24% loan generally costs less to borrow.
B. Both loans must have the same borrowing cost.
C. APR tells you how much income you will earn.
D. The 12% loan generally costs less to borrow.
D. The 12% loan generally costs less to borrow.
Alex budgets $400 for monthly groceries. Alex actually spends $92 each week for four weeks. How much of the grocery budget remains?
A. $308
B. $368
C. $32
D. $8
C. $32
Your monthly take-home pay is $2,600. Your expenses are:
How much money remains after these expenses?
A. $780
B. $1,035
C. $850
D. $1,820
A. $780
Expenses: $1,820; 2,600 − 1,820 = $780
Which pair correctly identifies a fixed expense and a variable expense?
A. Fixed: groceries; variable: rent under a lease.
B. Fixed: electricity based on usage; variable: a set phone payment.
C. Fixed: rent under a lease; variable: electricity based on usage.
D. Fixed: restaurant spending; variable: a set loan payment.
C. Fixed: rent under a lease; variable: electricity based on usage.
You have enough money for either a basketball registration fee or concert tickets. You choose basketball. The concert was your next-best alternative. What is the opportunity cost?
A. The money you might earn next year
B. The basketball registration you purchased
C. The concert experience you gave up
D. Every purchase you have ever made
C. The concert experience you gave up
Jordan spends $55 per week on transportation and pays a $60 monthly phone bill. What is the combined monthly cost?
A. $280
B. $460
C. $220
D. $115
A. $280
Your monthly take-home pay is $2,250. Your expenses are:
How much money remains after these expenses?
A. $820
B. $640
C. $460
D. $1,790
C. $460
Expenses: $1,790; 2,250 − 1,790 = $460
Ari puts money aside specifically for an unexpected necessary car repair. What is the most precise name for this money?
A. Gross pay
B. Available credit
C. A fixed expense
D. An emergency fund
D. An emergency fund
Chris says, “Food is a need, so any food purchase must be a need.” Which response best evaluates that claim?
A. Every restaurant purchase is a basic need.
B. Food is a need, but an expensive delivery meal can be a want when a suitable meal is already available.
C. Food becomes a want whenever it costs money.
D. A purchase is a need whenever someone wants it strongly.
B. Food is a need, but an expensive delivery meal can be a want when a suitable meal is already available.