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- 1. Multiple Choice
Is a cell phone bill a fixed or variable expense?
Fixed
Variable
Both fixed and variable
Neither fixed nor variable
- 2. Multiple Choice
A loan payment is a fixed expense.
True
False
- 3. Multiple Choice
Every month, Jack’s mother pays the following expenses: the house payment, the club membership, the car payment, and the cost of food. Which is a variable expense?
the house payment
the cost of food
the club membership
the car payment
- 4. Multiple Choice
Mario paid off his car loan this year. His payments were $259 a month for each of the first 8 months. The last payment, in the ninth month, was $125. Are the payments Mario paid during the first 8 months fixed or variable?
Fixed, because the amount did not change from month to month
Variable, because the amount changed from month to month
- 5. Multiple Choice
$10 from your favorite aunt for your birthday
Income
Expense
- 6. Multiple Choice
Donate $15 to the Animal Humane Society
Income
Expense
- 7. Multiple Choice
$5 for cleaning my room all week
Income
Expense
- 8. Multiple Choice
Put $20 in my savings
Income
Expense
- 9. Multiple Choice
Loaned $12 to my brother
Income
Expense
- 10. Multiple Choice
Ryan would like to save 15% of his take-home pay towards retirement. How much should he save each month if he makes $5,000 each month?
$750
$75,000
$1125
$75
- 11. Multiple Choice
If transportation costs include a car payment and gas, and Ryan's car payment is $350 and he pays $100 for gas, what percentage is Ryan paying for transportation costs each month if his take home pay is $9,000?
5 %
3.8 %
1.1 %
28 %
- 12. Multiple Choice
If Ryan's take-home pay is $3600, what percentage does he pay for rent if rent is $900.
25%
4%
0.04 %
0.25 %
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