2. 8.03 Review Personal Finance

3. Nancy planned to earn $1,000 per month in wages and tips. When she was out sick, she earned only $500. In which cell of her spending plan should Nancy record $500? A. Cell 1 B. Cell 2 C. Cell 4 D. Cell 5

4. During the summer, Calvin spent $250 on music and entertainment, cashed in a savings bond worth $500, paid rent of $350, paid $100 in living expenses, earned $300 in wages and tips, received a gift of $1,000, and paid utilities totaling $100. Which is an accurate summary of Calvin's income, expenses, and net gain or loss? A. Income: $1,800 Expenses: $800 Net gain: $1,000 A. Income: $1,800 Expenses: $800 Net gain: $1,000 B. Income: $1,300 Expenses: $1,300 Net gain/loss: 0 B. Income: $1,300 Expenses: $1,300 Net gain/loss: 0 C. Income: $300 Expenses: $2,300 Net gain: $2,000 C. Income: $300 Expenses: $2,300 Net gain: $2,000 D. Income: $300 Expenses: $2,300 Net loss: $2,000 D. Income: $300 Expenses: $2,300 Net loss: $2,000

5. Rita budgeted $120 per month for electric utilities, but her utility bill for May was only $90. In which cell of her spending plan should Rita record $30? A. Cell 3 B. Cell 4 C. Cell 5 D. Cell 6

6. Alice told her mother she plans to save $250 by April 1. What step in the spending plan process should Alice do NEXT? A. Implement the spending plan B. Make realistic estimates for income and expenses B. Make realistic estimates for income and expenses C. Organize a recordkeeping format D. Use a control system to monitor money in and out D. Use a control system to monitor money in and out

7. During June, Lisa spent $300 on a trip, received a gift valued at $400, paid $250 for the rent, paid $175 in living expenses, and earned $300. What are Lisa's total expenses for the month? A. $475 B. $550 C. $725 D. $1,125

8. Eve had not paid for her senior expenses by the date set; so, she determined that her spending plan had not worked at all. What step in the spending plan process should Eve do NEXT? A. Implement the spending plan B. Make realistic estimates for income and expenses B. Make realistic estimates for income and expenses C. Review and revise her financial goals D. Use a control system to monitor money in and out D. Use a control system to monitor money in and out

9. Brent used an envelope system to track his actual income and expenditures. What step in the spending plan process should Brent do NEXT? A. Evaluate how well the spending plan turned out A. Evaluate how well the spending plan turned out B. Implement the spending plan C. Make realistic estimates for income and expenses C. Make realistic estimates for income and expenses D. Organize a recordkeeping format

10. Dee set up a weekly spending plan showing columns for income and expenses. What step in the spending plan process should Dee do NEXT? A. Implement the spending plan B. Make realistic estimates for income and expenses B. Make realistic estimates for income and expenses C. Set smart financial goals D. Use a control system to monitor money in and out D. Use a control system to monitor money in and out

11. Larry budgeted $50 per month on entertainment. When he decided to go to two concerts in one month, he actually spent $120 in one month. In which cell of his spending plan should Larry record $120? A. Cell 1 B. Cell 2 C. Cell 4 D. Cell 5

12. Nora planned to earn $100 per month in tips. When business slowed down in November, she earned only $20. In which cell of her spending plan should Kaye record $100? A. Cell 1 B. Cell 2 C. Cell 4 D. Cell 5

13. Carl selected a format and decided to prepare his spending plan for a one-month period. What step in the spending plan process should Carl do NEXT? A. Evaluate how well the spending plan worked A. Evaluate how well the spending plan worked B. Implement the spending plan C. Make realistic estimates for income and expenses C. Make realistic estimates for income and expenses D. Use a control system to monitor money in and out D. Use a control system to monitor money in and out

14. John had $75 in total expected income for the month and $125 in total anticipated expenses. What is John's net gain or loss? A. Net gain of $50 B. Net gain of $200 C. Net loss of $50 D. Net loss of $200

15. Rick planned to earn $500 per month, but earned only $380. In which cell of his spending plan should Rick record $120? A. Cell 1 B. Cell 2 C. Cell 3 D. Cell 6

16. During the summer, Jason earned $1,525 in wages, paid his parents $750 to help with household expenses, sold his four-wheeler for $300, and paid $120 premiums on a life insurance policy. What is Jason's total income for the summer? A. $1,525 B. $1,825 C. $1,975 D. $2,725

17. Gina made a decision to develop a spending plan. What step in the spending plan process should Gina do NEXT? A. Evaluate how well the spending plan worked A. Evaluate how well the spending plan worked B. Implement the spending plan C. Make realistic estimates for income and expenses C. Make realistic estimates for income and expenses D. Set smart financial goals

18. Luke expected to spend $50 per month on school expenses. When he bought books for fall semester, he spent $150. In which cell of his spending plan should Luke record $150? A. Cell 1 B. Cell 2 C. Cell 4 D. Cell 5