OR110 Lesson 5 Exam SCORE 100 PERCENT

Question 1

10 / 10 points

There is often more than one way to do math. 

Question options:

	True
	False
Question 2		10 / 10 points

Which of the following is an example of budgeting?

Question options:

	Deciding to go to a cheaper restaurant rather than an expensive one
	Giving yourself a certain spending limit per month
	Calculating monthly expenses for rent, utilities and car payments before going on a trip
	All of the above are examples of budgeting
Question 3		10 / 10 points

Which of the following is an example of flexible spending?

Question options:

	Tuition
	Utilities
	Cell phone bill
	Entertainment
5-1-2

 

Question 4

10 / 10 points

Using approximations for everyday purchases to make it easier on yourself is known as _____________.

Question options:

	Creating a list
	Guesstimation
	Estimation
	Lying
Question 5		10 / 10 points

Which of the following percentages correctly matches the main financial buckets used in the 50/20/30 guideline:

Question options:

	Financial Goals; 50%
	Flexible Spending; 30%
	Flexible Spending; 20%
	Fixed Cost; 20%
Question 6		10 / 10 points

Suppose you are going grocery shopping and have a budget of $50 for the week allocated to food. You buy a box of cereal for $3.00, a carton of milk for $2.50, a bag of lettuce for $4.00, 5 bananas for $2.00, a package of tomatoes for $4.00, a package of chicken for $10.20, a bag of rice for $5.49, a box of granola bars for $5.12, a loaf of bread for $3.30, a jar of peanut butter for $4.00 and a box of cookies for $4.30. Determine whether or not you followed your budget and by how much.

Question options:

	Under budget by $2.09
	Over budget by $2.09
	Under budget by $47.91
	Under budget by $6.09
Question 7		10 / 10 points

Suppose that during this week you have spent $25.61 on gas for your car, $92.46 on groceries, $43.78 on a birthday gift for a friend and $19.33 on a new pair of pants. Round each purchase and create an estimate for your weekly expenses. Which of the following best reflects your estimated total weekly expenses?

Question options:

	$180
	$200
	$220
	$100
Question 8		10 / 10 points

Which of the following options is NOT a fixed cost?

Question options:

	Rent payment
	Cell phone bill
	Grocery bill
	Car payments
Question 9		10 / 10 points

When setting a budget, you should use the 50/20/30 rule. 

Question options:

	True
	False
Question 10		10 / 10 points

Any number you multiply by 1 is itself.

Question options:

	True
	False