1. Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses?
Expenses for new clothes
Dining out at local resturants
Loan payment on a new car
Postponing the purchase of a new TV
You earn a salary of $40,000 per year and decide to save 20% of your gross pay. You then set a goal of creating a $16,000 emergency fund. How long will it take for you to achieve your goal?
3 years
1 year
6 months
2 years
Which of the following is a sign that you have a budget deficit?
Your saving account balance grows every month
Your checking account balance grows every month
You overdraw you banking account on a consistent basis
Pay more than the minimum monthly payment to student loans
Leila just graduated from college and is comparing a few different cities to move to. Which of these factors is the LEAST important thing for her to consider right now?
Food and grocery store options in the area
Employment opportunities
Average rent for an appartment
Average cost of Uber, Lyft or taxi fare
Greg is trying to decide whether he needs a car or not when he moves to the city. Which of the following would convince Greg to get a car rather than use public transportation?
Using public transportation, His commute is 2 hours one way
His work covers 1/2 the cost of his public transportation
There are several public transportation routes to work
Cost of public transportation is less than his car payment
Which of these boxes of cereal has the LOWEST unit price?
Cereal B ($5 for 32 oz. box)
Cereal C ($2.50 for 10 oz. box)
Cereal A ($3.20 for 16 oz. box)
Cereal D ($4.50 for 8 oz. box)
7. Isaiah works for the summer at a technology company and has a salary for the summer of $3,000. After Federal and state taxes, Social Security, and Medicare are deducted, his take-home pay is $2,500. Which of the statements below is corre
His gross and net pay are $2500
His gross pay is $3000, net pay is $2500
His gross pay is $2500, net pay is $3000
His gross and net pay are $3000
You are putting together your first post-graduation budget. Your take-home pay will be $2,500 per month. You estimate your monthly costs to be rent of $900, car related expenses to be $550, entertainment of $200, food expense of $250, ca
You have a surplus of $125
You have a deficit of $125
You have a Surplus of 2500
You have a deficit of $2625
You are interested in renting an apartment after graduating college. You meet with the landlord, complete the application and after checking your credit background and references, the landlord approves your application. In most cases, yo
$1000 security deposit to cover damages
Frist and last months rent
Frist months rent
1st & last month rent + deposit to cover damages
Which of the following is a BAD budgeting strategy to use if you want to save money at the grocery store?
Build a weekly meal plan around sale items or things you own
When comparing similar products focus only on price
Prepare grocery list before you go to the store
Compare unit price on similar items
John wants to buy a car and is trying to decide whether he wants to accept a pre-qualified auto loan from his credit union or if he wants to directly finance the car from the dealership. What should he do?
Compare 2 offers and pick the one with the longest terms
Finance the car directly with the dealership
Compare 2 offers and pick the one he would pay the least for
Finance the car with a credit union
Aaron realizes he has a budget deficit of roughly $175 at the end of two months in a row. Which of these options makes the most sense for him to fix his problem?
Contribute less to savings and retirement fund
Pay minimum payment on student, credit card and car loan
Sell his car and get a less expensive one
Cancel his TV subscription and go out to eat less
You're considering moving into a 3 bedroom apartment with 2 roommates, rather than living on your own post-college. Mark which of YOUR expenses would likely decrease by having roommates.
Rent
Groceries and eating out
Cell phone bill
Bedroom furniture
Danaisha does all her grocery shopping at organic markets and has a monthly grocery bill of $325. Charles says that Danaisha is wasting her money on wants instead of focusing on needs. He buys in bulk, uses coupons, and shops at Save-Mo
Neither..They should meet in the middle somewhere
Danaish because she is focusing on health
both..needs and wants are determined on an individual basis
Charles because he is trying to save money
You overhear your cousin talking about the importance of creating and sticking to a budget. Which of the following reasons he gives below is actually FALSE?
budgets can help you work toward finical goals
budgets can help you create an emergency funds
budgets can qualify you for discounts at favorite stores
budgets can help you ID bad spending habits
