Budgeting - Unit Test

Front

Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses? Dining out at local restaurants, Loan payment on a new car, Expenses for new clothes, Postponing a purchase for a big-screen TV

Back

Loan payment on a new car

Front

You earn a salary of $40,000 per year and decide to save 20% of your gross pay. You set a goal of creating a $16,000 emergency fund. How long will it take for you to achieve your goal?

Back

2 years

Front

If you are trying to substantially reduce the amount you spend on food, you should try...

Back

Cooking your own food at home for as many meals as possible

Front

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? Average rent for an apartment, Food and grocery store options in the area, Employment opportunities, Average cost of Uber, Lyft, or taxi fare

Back

Average cost of Uber, Lyft, or taxi fare

Front

Greg is trying to decide whether he needs a car when he moves to the city. Which of the following would be a reason for Greg to get a car rather than use public transportation?

Back

Using public transportation, Greg’s commute to work one-way is two hours

Front

Which of these boxes of cereal has the LOWEST unit price? Options: Cereal A, which costs $3.20 for a 16 oz. box, Cereal B, which costs $5.00 for a 32 oz. box, Cereal C, which costs $2.50 for a 10 oz. box, Cereal D, which costs $4.50 for an 8 oz box

Back

Cereal B, which costs $5.00 for a 32 oz. box

Front

All of the following are good budgeting strategies if you want to save money at the grocery store, EXCEPT… Focusing on unit price when comparing similar products, Building a weekly meal plan around items you already own or items that are on sale that week, rather than just choosing foods you'd like to eat, Focusing only on the price when comparing similar products, Preparing a grocery list before you go to the store and avoiding buying items that aren’t on the list

Back

Focusing only on the price when comparing similar products

Front

Which description is most accurate for a Zero-Based Budget? Options: You put every dollar of your net pay into a budget category each month, You spend your checking account balance down to $0 every month, You spend your saving account balance down to $0 every month, You pay every one of your debts down to $0 every month

Back

You put every dollar of your net pay into a budget category each month

Front

For two months in a row, Aaron realizes he has a budget deficit of roughly $175. Which of these options makes the most sense for him to fix his problem? Cancel one of his streaming video subscriptions and go out to dinner three fewer times each month with friends, Start paying just the minimum monthly payment on his student loan and credit card debt, instead of the extra he's been contributing, Contribute $100 less to savings each month and $75 less to his retirement fund, Sell his current car and get a less expensive vehicle

Back

Cancel one of his streaming video subscriptions and go out to dinner three fewer times each month with friends

Front

You're considering moving into a 3-bedroom apartment with 2 roommates, rather than living on your own post-college. Which of your expenses would likely decrease by having roommates?

Back

Rent