Unit 6 - Budgeting

Front

Cooking your own food at home for as many meals as possible will substantially reduce the amount you spend on food.

Back

True

Front

How would you describe your budget after analyzing all of your income and expenses? Your take-home pay is $2,000 per month with estimated monthly costs including rent of $600, car payment of $250, car insurance of $100, car maintenance of $50, entertainment of $400, food expense of $250, mobile phone of $75, student loan payment of $125, and other expense of $250.

Back

You have a deficit of $100

Front

For most Americans, which budget expense category is largest? Housing, Food, Transportation, Clothes

Back

Housing

Front

In a zero based budget you put every dollar of your take-home pay into a budget category each month.

Back

True

Front

When you are self employed who pays your health insurance?

Back

You have to fund it yourself.

Front

What does "paying yourself first" mean when creating a budget?

Back

Set aside a percentage of your paycheck into a savings account before you start spending.

Front

Some people experience great success when using budgeting apps to help them meet their goals. Why might this be the case?

Back

Because users carry their phones almost everywhere, budgeting becomes fast and convenient.

Front

Comparing unit costs of canned soup: 1 can for $.78, a 3-pack for $2.50, or a 4-pack for $3.00. Which statement is true?

Back

A 4-pack is the best deal.

Front

One benefit of buying a car vs. leasing is...

Back

You can build up trade-in or resale value

Front

While NEEDS and WANTS can vary greatly depending on the individual and their situation, which of these items would most people agree to be a NEED? Safe, reliable childcare for a single parent so they can go to work, Stylish clothes for a teenager so that they fit in with popular kids at school, Two weeks of vacation for a corporate executive so they can unwind from work, A new cell phone every two years for a college student so they can keep in touch with family

Back

Safe, reliable childcare for a single parent so they can go to work