Financial Responsibility and Budgeting — Test Answers

Did Dan stay on budget this month? Why or why not?

In this budget, how much money is going toward optional expenses?

Natasha selects standard shipping for her purchase and the company bills her credit card 91 point 0 8 dollars for the total of the online purchase. Determine if Natasha has been billed correctly for her purchase.

Ross selects standard shipping and is billed 94 point 3 5 dollars for the total of the online purchase. Determine if Ross has been billed correctly for his purchase.

What is the simplest change that can be made to the budget to produce more savings next month?

Vera selects standard shipping and the company bills her credit card 20 point 7 8 dollars for the total of the online purchase. Determine if Vera has been billed correctly for her purchase.

Shondra is thinking of making payments for her laptop by setting up automatic withdrawals with the store. What must Shondra consider before she decides to pay with automatic withdrawals?

Which payment option provides consistency in on-time bill payment?

Personal finance skills have the most significant impact on an individual’s

Melanie is very concerned with avoiding late fees. The table shows her choices for paying her bills. Method Bill Payment Methods 1 Pay by check 2 Pay online 3 Set up automatic payments 4 Pay by telephone Which method should she use to pay her bills? Enter the response using the corresponding method number.

Which of these is most likely used by a seller to target an impulse buyer?

Which is an example of an income deduction?

On his road trip, Leon stops to refuel and get some snacks. He has these purchases: 12 gallons of gas at 2 point 8 9 dollars per gallon 2 granola bars for 1 point 5 9 dollars each 1 apple for 0 point 8 9 dollars 2 bottles of vitamin water for 1 point 3 9 dollars each Leon must pay 7 point 5 percent sales tax on everything but the gas, which already has tax included in the per gallon price. If Leon paid 44 point 6 4 dollars , then he _____ for his purchase.

Leiff goes online to buy a new video game. He finds a site that currently has a promotion of 15 percent off on all orders over 50 dollars Leiff decides to buy his video game, with a price tag of 128 dollars , at this site because he knows that he will get the 15 percent discount when he checks out. Leiff pays 5 point 3 percent sales tax on the discounted price and pays a shipping fee of 4 point 7 5 dollars What is the total of Leiff’s online purchase?

Ricardo is treating his employees and makes these purchases at the store: 2 packages of bagels at 3 point 4 9 dollars each 2 containers of cream cheese at 2 point 8 9 dollars each 3 dozen doughnuts at 5 point 3 9 dollars each 4 bottles of juice at 3 point 4 9 dollars each Ricardo has a business account which saves him 5 percent on all purchases at this store. The discount is applied before tax. He is charged sales tax of 7 percent If Ricardo paid 45 point 8 9 dollars , then he _____ for his purchase.

There are four steps in solving one’s personal financial challenges: considering opportunity costs assessing risks and returns setting short- and long-term goals assessing needs and wants Which of these is the correct order of these steps?

Veronique and Lily each bought a piece of luggage that had the same price in different stores. The given table shows how they will pay for the item. Payment for Purchases Name Payment Type Payment Amount (Including Finance Charges) Number of Months to Pay for Item Veronique Store financed $25 10 Lily Credit card $35 7 Who made the better financial decision and why?

Which of these is most likely used by a seller to target an impulse buyer?

Which statement describes a disadvantage of Marnie paying a bill by telephone with a credit card or a debit card?

What do financial planning skills ultimately enable an individual to do?