Unit 1 Test - Earning and Managing an Income
This test covers the information in Unit 1 of Personal Financial Literacy.
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1. Shawna works as a registered nurse at a hospital.  What is most likely the source of the majority of Shawna's income? *
1 point

2. Ryan works part-time at a restaurant waiting tables. Ryan’s job is most likely to include:

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1 point
3. Keisha has started working under a well-known chef at a local restaurant and is being paid. Keisha is learning a skill through a(n)_____.
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1 point
4. Jamie wants to further her education but is limited in options since she currently works full-time and has family responsibilities. A viable option for Jamie would be
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1 point
5. Kendall is in high school and has decided college is not for him, but he wants to get a head start on training for a career while still in high school. A viable option for Kendall would be: 
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1 point
6. Courtney is trying to determine the difference between her wants and needs. Which of the items should Courtney classify as a need?
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1 point
7. Zach often confuses wants and needs. Which of the following should Zach classify as a want? 
1 point
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8. Caleb doesn’t understand what people say when they tell him to “live within your means.” He has credit cards and enjoys spending money. Caleb should understand that living within your means means ________.
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1 point
9. Caleb is making a budget and identifying income and expenses. Which would be a fixed expense for Caleb?
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1 point
10. If your expenses are more than your income, you should _____. 
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1 point
11. Managing personal finances is a _____.
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1 point
12. Devon doesn’t see the need to save money since she is so young. What advice about saving should Devon understand? 
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1 point

13. A good financial habit is to have an emergency account in case of unemployment or extended illness of _____. 

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1 point

14. Shelby works as a waitress in a pizza place. She earns $8 an hour plus tips. What kind of income does she have?

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1 point

15. Also known as distance learning; may have “class” at a regular time or allow you to work on your own.

 

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16. Training programs in which employees are taught specialized skills.

 

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17. Education and training is received during service and afterwards; may make you eligible for free college tuition at a later date.

 

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18. Offer two-year programs that provide an avenue to a certified or licensed occupation; some programs lead to an Associate Degree.

 

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1 point

19. Offers an avenue to pursue a licensed or certified occupation through a one- to two-year program 

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1 point

20. Common in skilled trades; may be paid or unpaid.

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1 point
21. Your lifestyle is determined by not only your income but also by how you manage your finances.
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1 point

22. People who make very good incomes can find themselves broke because of bad spending habits.

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23. A budget is a way to handle finances in order to meet financial obligations for basic needs and also to reach financial goals.

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1 point

24. A spending plan should not be altered once you have developed it.

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1 point

25. Car loan payments are usually a fixed expense.

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1 point
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