Budgeting Unit Review | Baamboozle - Baamboozle | The Most Fun Classroom Games!

Which statement accurately describes how the 50/20/30 Rule would break down your take-home pay?

50% on needs, 20% on saving, and 30% on wants

50% on saving, 20% on wants, and 30% on needs

50% on wants, 20% on saving, and 30% on needs

One way the grocery store tricks you into spending more money than you budgeted for is...

Putting high priced items at eye level

Being open early in the morning and late at night

Paying their cashiers and baggers more

What action corresponds to the advice "Pay yourself first?"

Put part of your paycheck into savings right away

Wait until the end of the month to put money in savings

Which one of these expenses most likely represents a VARIABLE cost in someone's budget?

Electricity bill

Rent

Car insurance premium

Student loan payment

You're considering moving into a 3 bedroom apartment with 2 roommates, rather than living on your own post-college. Which of your expenses would likely decrease by having roommates?

rent

Groceries and eating out

Cell phone bill

For two months in a row, Aaron realizes he has gone over budget by roughly $175. Which of these options makes the most sense for him to fix his problem?

Cancel one streaming video subscriptions and eat out less

Pay only the minimum monthly payment on his credit card

Contribute $175 less to savings each month

All of the following are good budgeting strategies if you want to save money at the grocery store EXCEPT:

Focusing only on the price when comparing similar products

Focusing on unit price when comparing similar products

Preparing a grocery list before you go to the store

Weekly plan around items you already own or on sale

You are interested in renting an apartment after graduating college. You meet with the landlord and complete the application. All of the following may need to be provided when you sign your lease EXCEPT

A bank account

First and last month's rent

A security deposit

You are putting together your first post-graduation budget. Your net pay is $2,500 per month and you estimate that your monthly expenses will be $2,625. Which of the following is TRUE?

You need to cut back on your spending or make more money

You have an extra $125 each mo. that you can spend on wants

Isaiah has a summer internship at a technology company and is paid $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 correct?

His gross pay is $3,000 and net pay is $2,500

His gross pay is $2,500 and net pay is $3,000

How do you calculate unit price for an item?

Cost divided by number of items

Number of items divided by cost

Greg is trying to decide whether he needs a car when he moves to the city. Which of the following would be a reason for Greg to get a car rather than use public transportation?

Using public transportation,Greg’s commute is 2 hrs each way

There are several public transportation routes

Greg’s company pays half the cost of his monthly trans pass

The cost of public transportation is less than his car pymt

If you are trying to substantially reduce the amount you spend on food, you should try...

Cooking your own food at home for as many meals as possible

Eating out more often so you don't waste water on dishes

Eating more snacks on the go and way fewer meals at home

Drinking more coffee and soda so you are not as hungry

Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses?

Loan payment on a new car

Dining out at local restaurants

Expenses for new clothes

Postponing a purchase for a big-screen TV