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 create an emergency funds
budgets can help you work toward finical goals
budgets can qualify you for discounts at favorite stores
budgets can help you ID bad spending habits
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
Average rent for an appartment
Employment opportunities
Average cost of Uber, Lyft or taxi fare
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?
Finance the car with a credit union
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
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
Charles because he is trying to save money
both..needs and wants are determined on an individual basis
Danaish because she is focusing on health
Neither..They should meet in the middle somewhere
Which of the following is a sign that you have a budget deficit?
Your checking account balance grows every month
Pay more than the minimum monthly payment to student loans
Your saving account balance grows every month
You overdraw you banking account on a consistent basis
Before submitting an application to rent an apartment, you would like to go and inspect the property. Which of the following reasons is the LEAST important reason for why you would go and inspect the apartment?
you want to check the condition of property and area
you want to show the apartment to family and friends
You want to document damage to the apartment
you want to meet the land lord and ask questions
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
Bedroom furniture
Cell phone bill
Groceries and eating out
Now that Sanjana is done with college, she is trying to decide whether or not she should buy a new laptop for herself. She has made a preliminary list of questions she can ask herself to determine if the new laptop is a need or a want.
What model is trendy with people my age
How am I going to pay for this laptop
Can I afford it
Will it be on sale later
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 pay is $3000, net pay is $2500
His gross and net pay are $2500
His gross and net pay are $3000
His gross pay is $2500, net pay is $3000
Jamie is researching places to live after graduating college. He asks you, "I keep coming across this phrase 'cost of living'. I've never heard of it before. Do you know what it means?" Which of the following definitions would you choos
refers to price of goods and services needed to live
refers to the amount spent on dining out and entertainment
refers to fluctuation in rent prices on a monthly basis
refers to cost of moving from one city to another
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
6 months
2 years
1 year
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?
Pay minimum payment on student, credit card and car loan
Cancel his TV subscription and go out to eat less
Contribute less to savings and retirement fund
Sell his car and get a less expensive one
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
Frist months rent
1st & last month rent + deposit to cover damages
$1000 security deposit to cover damages
Frist and last months rent
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?
There are several public transportation routes to work
His work covers 1/2 the cost of his public transportation
Using public transportation, His commute is 2 hours one way
Cost of public transportation is less than his car payment
Franny is a recent college graduate with little budgeting experience. She is trying to stick to her budget but is finding that she continues to have a deficit at the end of each month. Which of the following steps she takes could explai
Identifies her needs and wants
Uses the 50-20-30 rules when allocating her money
She tracks her monthly spending at the end of the month
Uses her net pay when budgeting her money
Which of the following explains why it might be a good idea to buy an item in a smaller size with a HIGHER unit price instead of buying it in bulk at a LOWER unit price?
You don't plan on using it often and it will go to waste
Your room mate likes it too
You need lots of this item and go through it fast
You have a large apartment and storage
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 deficit of $125
You have a surplus of $125
You have a deficit of $2625
You have a Surplus of 2500
1. 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
Expenses for new clothes
Postponing the purchase of a new TV
Dining out at local resturants
Which of the following is a BAD budgeting strategy to use if you want to save money at the grocery store?
Compare unit price on similar items
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
23. Janine is considering what auto costs she is going to have after buying a new Honda Civic. She has budgeted enough money for the monthly auto loan payment, gas, and auto insurance. Has Janine factored in all of the costs associated with
no, she doesn't need to include cost of gas
yes, there are three costs she should expect to pay
no, she doesn't need to include cost of insurance
No, she needs to factor in other cost
Which of these boxes of cereal has the LOWEST unit price?
Cereal C ($2.50 for 10 oz. box)
Cereal D ($4.50 for 8 oz. box)
Cereal A ($3.20 for 16 oz. box)
Cereal B ($5 for 32 oz. box)