Summative assessment for life skills unit on budgeting and costs of living.
>This is a Word document so it can be altered to fit lesson & student populations accordingly.
>There are questions that need to be altered. For example, one question asks what the minimum wage is in Alaska.
>The unit was developed with the general rule that about 15% of income is taken for taxes. >It was developed with regard to federal taxes, not state
>Appropriate for grades 9+
>50 questions
>Multiple choice, true/false, and two short answer
>Answer Key
Example Questions:
The phrase “part-time” means working less than ______ hours per week.
(A) 15
(B) 20
(C) 30
(D) 40 (correct answer)
Situation A: Your job pays $10 an hour. You work 40 hours per week. You do not work 10 days of the year. What you make, after taxes, is…
(A) 17,000 (correct answer)
(B) 17,780
(C) 17,100
(D) 16,680
If you plan for $400/month for food, that is about ________ per day.
(A) $40
(B) $4
(C) $33
(D) $13 (correct answer)
Apartment managers are not allowed to ask to see your paycheck before letting you live there. (false)
You are a dental assistant in Alaska. Dental assistants make an average of 45,000 per year in AK.
Monthly expenses: Your rent is 1,100/month. Your food is $600/month. Your Internet and cable are $150/month. You are making car payments of $300/month. Your car insurance is $300/month. You send your mother $100 every month. You put $200 into a savings account every month. Your other monthly expenses are $600/month.
Yearly expenses: You spend $2,000 a year on plane tickets to visit family. You spend $1,000 a year on other unexpected expenses. Are you living in the red or the green?
(A) red!
(B) green, with $1,000 to spare!
(C) red, I need another $1,800 a year!
(D) green, with $1,800 to spare! (correct)
Same product on TeachersPayTeachers: $4
Related ResourcesCollege Budgeting Worksheet: Income vs. ExpensesCost of Living & Budgeting: Big Pack (Word doc)
Life Skills: Going to Work Worksheets
