Unit 10 Budgeting Review

Front

How do wages and salary differ?

Back

Salary describes what you earn on an annual basis.

Front

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, Gross income is the total amount earned BEFORE deductions, Net income is the total amount earned BEFORE deductions

Back

Gross income is the total amount earned BEFORE deductions

Front

Which of the following is a step you can take to mitigate the risk of buying a used car?
Options:
Get a vehicle history report,
Have a mechanic inspect the car after you buy it,
Skip the test drive; you have time after you buy it to drive,
Buy a more expensive vehicle to ensure quality

Back

Get a vehicle history report

Front

Which of the following is NOT a cost of owning a car? License and Registration fees, Gasoline, Utilities, Insurance

Back

Utilities

Front

About how much of your income should go towards transportation?

Back

15-20%.

Front

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
- Go to the store whenever she needs 1-2 items
- Eat at fast food restaurants multiple times a week

Back

Go to the grocery store with a list

Front

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

Back

Unit prices can help you compare the prices of similar items

Front

A 18oz box of cereal costs $4.99. How would you calculate the unit price?

Back

$4.99 / 18oz

Front

6 cans of tomato soup cost $14.99. What is the unit price?

Back

About $2.50

Front

How does the 50/30/20 rule of thumb for budgeting allocate your income?

Back

50% Needs, 30% Wants, 20% Savings & Debt Repayment