How do wages and salary differ?
Salaried employees are likely to be paid for overtime
Salary describes what you earn on an annual basis
Wages describe what you earn on an annual basis
Wages mean you have a standard amount in each paycheck
Which of the following are TRUE about gross income and net income?
They are the same thing
Gross income is the total amount earned AFTER deductions
Net income is the total amount earned BEFORE deductions
Gross income is the total amount earned BEFORE deductions
Which of the following may NOT always appear on your paycheck stub?
Gross Pay
Local Tax
Net Pay
Your Role/Title
It's common to have all of the following expenses BEFORE signing a lease EXCEPT...
Renter's Insurance
Apartment hunting expenses
Application deposit
Application fee
Which of the following might you pay WHEN you sign your lease?
Renter's insurance
Finder's fee
Application fee
Security deposit
According to a rule of thumb, rent shouldn't take up more than ___ % of your take-home pay.
25-30%
10-15%
15-20%
7-12%
Which step can help mitigate the risk of buying a used car?
Buy a more expensive vehicle to ensure quality
Have a mechanic inspect the car after you buy it
Skip the test drive; you have time after buying to drive it
Get a Vehicle History Report
Which of the following is NOT a cost of owning a car?
Insurance
Gasoline
License and Registration Fees
Utilities
Which of the following reasons would explain why Justin has decided not to own a car?
He doesn't have access to public transportation
There are numerous car dealerships in his area
The walking score in his city is high
Driving would reduce the time it takes to get to work by 30 minutes
About how much of your income should go towards transportation?
15-20%
5-10%
25-30%
35-40%
Jenna wants to decrease the amount of $ she spends on food. Which of the following would help?
Decide what she will make for dinner that same day
Go to the grocery store with a list
Eat at fast food restaurants multiple times a week
Go to the store whenever she needs 1-2 items
Which of the following is TRUE about unit pricing?
It's easy to compare quantities on a unit price label
Unit prices can help you compare the prices of similar items
Unit price labels are universal throughout the country
All states require unit price labels
A 18oz box of cereal costs $4.99. How would you calculate the unit price?
$4.99 / 18oz
(18oz) x ($4.99)
18 oz + $4.99
18oz / $4.99
In "pay yourself first" budgeting, what's typically the first action after getting paid?
Buy groceries for the week
Transfer money to your savings account
Pay your rent or mortgage
Pay off credit card balances
What is a "fixed expense" in a budget?
An expense that changes each month
An expense that stays the same each month
An expense you can easily eliminate
An expense that only occurs once a year
Which budgeting approach is most likely to help someone who tends to overspend on impulse purchases?
Using only cash for non-essential spending
Reviewing expenses at the end of each month
Automating all bill payments
Tracking expenses after each purchase
