AnswersEA Academy Civics 9Creating a Personal Budget

Creating a Personal Budget — Unit test Answers

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1
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At what point should consumers stop researching a product?

w
when the research costs more than the potential savings
w
when they want to make an immediate purchase
w
when the government does the research for them
w
when they know they have waited long enough to buy
2
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This graph shows the US unemployment rate from August 2010 to November 2011. This graph could help the US government

Question illustration
A
allocate natural resources.
B
limit production nationwide.
C
make an economic prediction.
D
address a shortage emergency.
3

What is the purpose of a savings account?

A
to keep money now to be used later
B
to avoid the need for a budget
C
to prioritize spending
D
to pay for fixed expenses
4

Seb wants to prioritize his spending to save money for his class trip.

a
apply for another job to increase his income
r
recognize that he cannot afford to go on the class trip
l
list his expenses in order of importance
c
cut some of his wants from his overall expenses
5

What is a rainy day fund?

A
money set aside for emergencies
B
money left over after paying taxes
C
money earned by charging interest
D
money used to pay for transportation
6

The first step in understanding the costs and benefits of a decision is

i
identifying possible outcomes.
d
determining all costs and benefits.
i
identifying possible benefits.
c
calculating the costs of all options.
7

shippinghiringconsuming

A
shipping
B
hiring
C
consuming
8

How do economists use data? Choose two answers.

A
to follow and predict unemployment rates
B
to communicate with customers instantly
C
to ship goods to countries all over the world
D
to explain trends in production and shipping
E
to apply automation to reduce production costs
9

What is a disadvantage of using secondary sources?

T
They include multiple perspectives.
T
They can introduce biased opinions.
T
They provide real-time data.
T
They can be difficult to read.
10

A refrigerator is priced at $1,250. There are two options offered to reduce the price: either a 25% discount off the price or a rebate of $300. Which is the better choice, and what is the extra amount saved?

A
The 25% discount is better; it saves $12.50 more.
B
The rebate is better; it saves $12.50 more.
C
The 25% discount is better; it saves $75 more.
D
The rebate is better; it saves $75 more.
11

The chart shows pricing and payment options for two big items.

Question illustration
A
choosing installment plans for both items
B
choosing rent-to-own plans for both items
C
saving up enough money before buying either item
D
splitting the items between installment and rent-to-own plans
12

Read the passage from a speech by President Barack Obama in 2009.There is no doubt that the cost of this plan will be considerable. It will certainly add to the budget deficit in the short-term. But equally certain are the consequences of doing too little or nothing at all, for that will lead to an even greater deficit of jobs, incomes, and confidence in our economy. It is true that we cannot depend on government alone to create jobs or long-term growth, but at this particular moment, only gover

T
The writer provides other options to solve the problem.
T
The writer uses harsh adjectives to describe the economy.
T
The writer does not provide any sources to support his claim.
T
The writer presents the government as the only solution to the problem.
13

[BLANK]

A
debt
B
income
C
budget
D
financial plan
14

Yarin’s gross pay for the year was $3,500. The federal income tax withholding from his pay was 9% of his gross pay. Yarin determined the federal income tax he owes is $115. How much of a refund can Yarin expect?

A
$200
B
$315
C
$3,035
D
$3,185
15

most likely

Question illustration
h
historians writing about the Great Depression.
b
brokers looking to invest in the current stock market
e
economists making market predictions for the next week
h
high school students studying the history of the stock market
16

Which social effect may result from adding healthier options to a school lunch program?

A
angering school leaders who will have to pay more for the program
B
angering students because of the loss of familiar choices
C
helping the school board president’s chances of being reelected
D
hurting the school board president’s chances of being reelected
17

The Dumescu family made a chart to compare its budget items. Liliana noticed that the sum of three of the budget items was half of the budget. Which three items was she referring to?

Question illustration
A
housing, clothing, and savings
B
housing, medical, and food
C
food, transportation, and clothing
D
transportation, savings, and housing
18

The chart shows a sample budget.

Question illustration
A
Adjust variable expenses if they are higher than budgeted.
B
Adjust income to make sure that expenses are covered.
C
Decrease mandatory spending expenses.
D
Stop budgeting as it is no longer necessary.
19

Review the table.

Question illustration
A
guitar lessons
B
food delivery
C
video games
D
rideshare fees
20

[BLANK]

A
shipping
B
hiring
C
consuming

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