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