OR 110 OR110 EXAM 5 ANSWERS - ASHWORTH

OR 110 OR110 EXAM 5 ANSWERS - ASHWORTH

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OR110 Achieving Academic Excellence Exam 5 Answers (Ashworth)

Question 1

10 / 10 points

Understanding how a budget is created will help you develop good financial decision making skills. This is known as: 

Question options:

	Financial expertise
	Financial literacy
	Accounting
	Math
Question 2		10 / 10 points

The following are examples of using math in your everyday life EXCEPT: 

Question options:

	Budgeting your time
	Baking a cake
	Estimating your monthly budget
	All of the above are examples of using math everyday
Question 3		10 / 10 points

There is often more than one way to do math. 

Question options:

	True
	False
Question 4		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 5		10 / 10 points

Any number you multiply by 1 is itself.

Question options:

	True
	False
Question 6		10 / 10 points

Which of the following would be an acceptable estimated number for a purchase of $76.89? Choose the best answer. 

Question options:

	$60
	$70
	$80
	$90
Question 7		0 / 10 points

Melanie has an estimated income of $2,120 per month. After budgeting her expenses she finds that she has about $674 remaining. If her monthly expenses equal $1,446, what percentage does Melanie have remaining for food, shopping, etc.? 

Question options:

	32%
	53%
	68%
	50%
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

Eric has an estimated income of $2,270 per month. After budgeting his expenses he has found that he has about $836 remaining. If his monthly expenses equal $1,434, what percentage of his monthly budget is this? 

Question options:

	1.58%
	63%
	58%
	37%
Question 10		10 / 10 points

It is okay to underestimate your expenses when rounding your purchases. 

Question options:

	True
	False