WGU C957 APPLIED ALGEBRA FINAL OBJECTIVE ASSESSMENT 2022/2023
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Personal finance chapter
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Personal Finance Chapter
WGU C957 APPLIED ALGEBRA FINAL OBJECTIVE
ASSESSMENT 2022/2023
1 / 11
WGU C957 APPLIED ALGEBRA
FINAL OBJECTIVE ASSESSMENT
2022/2023
1. A local business is looking to become a franchise. The company wants
to predict the number of franchises, F, given a certain number of years,
Y. This predict...
personal finance chapter 3 & 4 test-
100% correct answers updated 2024-
2025
Gross vs. Net pay - CORRECT ANSWERS-gross = paycheck before taxes
net pay = paycheck after taxes
what are the 4 deductions from a paycheck? - CORRECT ANSWERS-1. federal income
taxes
2. state income taxes
3. social security taxes
4. Medicare taxes
what is a discretionary income? - CORRECT ANSWERS-money you have left over after
paying all your taxes (net income)
what is a cash flow statement? - CORRECT ANSWERS-the money that goes in and out
every month (aka income/expenses)
what is a budget - CORRECT ANSWERS-the plan for using money to meet wants and
needs
what is a surplus? - CORRECT ANSWERS-a positive cash flow. income - expenses =
positive cash flow
what is a deficit? - CORRECT ANSWERS-a negative cash flow. income - expenses =
negative cash flow
what are fixed expenses? - CORRECT ANSWERS-regular monthly payments
- pay yourself first
- rent or mortgage
- loan
- insurance, etc
what are variable expenses? - CORRECT ANSWERS-changes from month to month
- food
- clothing
- utility
- entertainment etc
what are the 2 ways to get out of deficit? - CORRECT ANSWERS-- spend less
- make more
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