Cost of Living Test

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PRODUCT DESCRIPTION

Summative assessment for a life skills unit on budgeting and figuring costs of living.

This is a Word doc so that you can change it to fit your lesson. And there will be questions that need to be altered. For example, one question asks what the minimum wage is in Alaska. Obviously you'd want to change that to your state's minimum wage. The unit was taught with the general rule that about 15% of income is taken for taxes. It was also taught with no regard for state taxes as there are none in Alaska. So there are things that will need some changing to make the material appropriate for your state.

--50 questions
--multiple choice, true/false, and two short answer

Example Questions:

______4. The phrase “part-time” means working less than ______ hours per week.
(A) 15
(B) 20
(C) 30

______9. 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…

(B) 17,780
(C) 17,100
(D) 16,680

______20. If you plan for \$400/month for food, that is about ________ per day.

(A) \$40
(B) \$4
(C) \$33

_(false)_35. Apartment managers are not allowed to ask to see your paycheck before letting you live there.

______50. 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)

Total Pages
4
Included
Teaching Duration
1 Week

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