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Which of the following is an example of buying something you NEED?
 
"I want to replace something that is no longer working."
 
"I want to impress someone/ change how they feel about me."
 
"I'm feeling down, and I need to boost my spirits."
 
"I don't want to miss out on these deals during the sale!"
How does the 50/30/20 rule of thumb for budgeting allocate your income?
 
50% Needs, 30% Wants, 20% Savings & Debt Repayment
 
50% Wants, 30% Needs, 20% Savings & Debt Repayment
 
50% Savings & Debt Repayment, 30% Wants, 20% Needs
 
50% Needs, 30% Savings & Debt Repayment, 20% Wants
How can consolidating your student loans help your budget?
 
Your monthly payment may decrease
 
You'll pay more in interest over time
 
You'll be more likely to be eligible for loan forgiveness
 
Your interest rate is guaranteed to decrease
What is a deductible?
 
The amount you pay before your insurance begins to pay
 
The cost you and your insurance share
 
The amount your insurance pays before you pay
 
The discount you get on your health insurance every year
Which budgeting approach is most likely to help someone who tends to overspend on impulse purchases?
 
Using only cash for non-essential spending
 
Tracking expenses after each purchase
 
Automating all bill payments
 
Reviewing expenses at the end of each month
What is a "fixed expense" in a budget?
 
An expense that stays the same each month
 
An expense that changes each month
 
An expense you can easily eliminate
 
An expense that only occurs once a year
In "pay yourself first" budgeting, what's typically the first action after getting paid?
 
Transfer money to your savings account
 
Pay your rent or mortgage
 
Buy groceries for the week
 
Pay off credit card balances
A 18oz box of cereal costs $4.99. How would you calculate the unit price?
 
$4.99 / 18oz
 
18 oz + $4.99
 
18oz / $4.99
 
(18oz) x ($4.99)
Which of the following is TRUE about unit pricing?
 
Unit prices can help you compare the prices of similar items
 
Unit price labels are universal throughout the country
 
It's easy to compare quantities on a unit price label
 
All states require unit price labels
Jenna wants to decrease the amount of $ she spends on food. Which of the following would help?
 
Go to the grocery store with a list
 
Decide what she will make for dinner that same day
 
Go to the store whenever she needs 1-2 items
 
Eat at fast food restaurants multiple times a week
About how much of your income should go towards transportation?
 
15-20%
 
5-10%
 
25-30%
 
35-40%
Which of the following reasons would explain why Justin has decided not to own a car?
 
The walking score in his city is high
 
He doesn't have access to public transportation
 
Driving would reduce the time it takes to get to work by 30 minutes
 
There are numerous car dealerships in his area
Which of the following is NOT a cost of owning a car?
 
Utilities
 
License and Registration Fees
 
Gasoline
 
Insurance
Which step can help mitigate the risk of buying a used car?
 
Get a Vehicle History Report
 
Have a mechanic inspect the car after you buy it
 
Skip the test drive; you have time after buying to drive it
 
Buy a more expensive vehicle to ensure quality
According to a rule of thumb, rent shouldn't take up more than ___ % of your take-home pay.
 
25-30%
 
7-12%
 
10-15%
 
15-20%
Which of the following might you pay WHEN you sign your lease?
 
Security deposit
 
Finder's fee
 
Application fee
 
Renter's insurance
It's common to have all of the following expenses BEFORE signing a lease EXCEPT...
 
Renter's Insurance
 
Application fee
 
Application deposit
 
Apartment hunting expenses
Which of the following may NOT always appear on your paycheck stub?
 
Your Role/Title
 
Gross Pay
 
Net Pay
 
Local Tax
Which of the following are TRUE about gross income and net income?
 
Gross income is the total amount earned BEFORE deductions
 
They are the same thing
 
Gross income is the total amount earned AFTER deductions
 
Net income is the total amount earned BEFORE deductions
How do wages and salary differ?
 
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
 
Salaried employees are likely to be paid for overtime
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