Answers OK-Personal Financial Literacy S1 – EDGNTY-83861 26-27Budgeting

Budgeting — Unit test Answers

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Which describes a set amount of pay received by a worker over the course of a year?

tuition

expense

salary

hourly wage

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This table compares the requirements for a career as an athletic trainer or an air traffic controller. A student who is interested in becoming an air traffic controller will make

more money than an athletic trainer but will have a harder time finding a job.

more money than an athletic trainer and will have an easier time finding a job.

less money than an athletic trainer but will have an easier time finding a job.

less money than an athletic trainer and will have a harder time finding a job.

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

better prepared to calculate financial risks

able to spend available assets.

faced with long-term challenges.

more likely to avoid high opportunity costs.

What is one difference between a vocational school and on-the-job training?

A vocational school degree takes one year to earn. On-the-job training takes two or more years.

A vocational school degree takes weeks or months to earn. On-the-job training takes two years or fewer.

A vocational school is usually paid for by the worker. On-the-job training is usually paid for by the employer.

A vocational school is usually paid for by the employer. On-the-job training is usually paid for by the worker.

What is the job outlook for a US postal worker?

The career is growing and will provide more opportunities over time.

The career is growing and will provide fewer opportunities over time.

The career is shrinking and will provide more opportunities over time.

The career is shrinking and will provide fewer opportunities over time.

What is the definition of gross income?

amount of income saved per year

amount earned before deductions

amount of tax deducted from income

amount received after deductions

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?

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?

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

budget

income

assets

finances

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

clothing purchases

loan payment

monthly groceries

apartment rent

medical bills

grossdiscretionarynet

gross

discretionary

net

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

to know the historic cost of goods

to serve as the basis for future planning

to learn why having savings is important

to learn why expenditures are likely to increase

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

to easily add expenses to it.

to know how much money is available.

to avoid spending too much money.

to see that is is more important than expenses.

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Budgeting — Unit test Answers

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