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

ANSWER WILL BE SENT ON EMAIL.