Personal Finance- Budgeting

Front

True or False. When developing a budget, it is a good idea to “pay yourself first,” by saving a percentage of your paycheck before deciding how much money you have left to spend.

Back

True

Front

Which of the following items will not be seen on a pay stub? Gross Pay, Net Pay, Mortgage Insurance/Renters Insurance, Medicare

Back

Mortgage Insurance/Renters Insurance

Front

How would you describe your budget after analyzing all of your income and expenses? Your take-home pay is $2,500 per month, and your estimated monthly costs are: rent of $800, car payment of $350, car insurance of $150, car maintenance of $50, entertainment of $500, food expense of $250, mobile phone of $100, cable bill of $75, personal car expenses of $100, and other expense of $300.

Back

You have a deficit of $175

Front

Which of the following is not a purpose for a budget? Options: To use as a tool for decision making, To tell you how much you will be paid, To help you manage and allocate your money, To let you know how much money you can spend for a particular purpose

Back

To tell you how much you will be paid

Front

When putting together your personal budget, you find that your budget has a DEFICIT. Indicate the action that you need to take to balance your budget.

Back

Cut your expenses by an amount greater than your deficit

Front

What will be Caitlin's weekly net (or take home) pay if she works from 3pm - 7pm on Monday and Wednesday and each Saturday morning from 9am - 1pm, getting paid $10 per hour?

Back

Less than $120

Front

True or False: Be sure that your WANTS are met first before you set aside money for your NEEDS.

Back

False

Front

True or False: Keep your expenses less than your income so that your budget will be in surplus.

Back

True

Front

True or False: Only consider what to save at the end of the month after you know how much you have left over.

Back

False

Front

True or False: You should not include costs in your budget like your rent payment or auto loan since they are the same amount every month.

Back

False