Financial Responsibility — Unit test Answers

Which best describes the purpose of recording past income and spending in a budget?

Which of these qualify as variable expenses? Choose three answers.clothing purchasesloan paymentmonthly groceriesapartment rentmedical bills

What term is used to describe an individual's money and personal property?

Through the successful study of personal finance, an individual will be

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The chart describes four people’s credit histories.Creditworthy CriteriaNameDescription of Credit HistoryEllieHas more debt than earningsCollinPays only some of his bills every monthJacobHas made three late payments in the past yearEeshaPays more than the minimum payment each monthWhich person is creditworthy?EllieCollinJacobEesha

Emma has decided that she needs to assess the risk and return of buying an extended warranty for her new laptop for school. Which of these practical questions should she ask herself to assess the risk? Select three options.Will the warranty cover the cost of any physical damage?Should I buy a different model?Would it be better for me to buy a desktop computer?Is the cost of replacement less than the cost of the warranty?Is the laptop worth the extra expense of the warranty?

The best reason to record income at the top of a budget is

grossdiscretionarynet

Read the scenario.Yuri has $100 to spend at the store. He spots a pair of designer jeans with a $98 price tag on them but knows that he can buy three pairs of $30 jeans for about the same price. He still decides to buy the $98 pair.

If having a warranty on a car is important, a person should buy a car that is .

What is the definition of gross income?

Lauren is trying to find her net income. She used the statement and the steps shown.Step 1List all income, including tips and commissions, and list all expenses, including food, entertainment, and clothing.Step 2Total all the income. Then total all the expenses.Step 3Add the total of the income and the expenses.Which explains Lauren’s error?

Natalie’s income statement for the month of October is shown. What is Natalie’s net income for the month of October?

Emily is deciding whether to buy the same designer jacket her friends have. The jacket is much more expensive than a similar one from a lesser-known brand.Which questions should she consider before she buys the jacket? Check all that apply.