What budgeting advice would you give to Djamila, who has only $5 left in her Restaurant envelope while using the envelope budgeting method?

Suggest other options to her friends that don’t involve going out to eat.

Sophia is considering buying a home. What two financial goals can she achieve at the same time by doing so?

Providing a place to live, investing for the future

William has been paying his mortgage monthly for years, but he notices that his principal hasn't reduced by much. How is this possible?

In early years, most of the payments go toward interest.

What mistake is Hannah making when creating her auto budget?

She is not accounting for the cost of fuel, insurance, maintenance, and other potential expenses beyond her car payment.

Harper works at a local store and receives a 2.5% raise in her salary. During the same period, the prices of goods and services increase by 3% due to inflation. Which of the following scenarios shows someone losing purchasing power due to inflation? Aafia gets a 2.5% raise and inflation increase prices by 3%, Artie gets a 3% raise and inflation increases prices by 2%, Joanna gets a 4.5% raise and inflation increases prices by 4.5%, Gyasi gets a 5% raise and inflation increases prices by 3.5%

Aafia gets a 2.5% raise and inflation increase prices by 3%

Abigail is trying to manage her finances on a limited income. It’s BEST for her to...

Reduce or eliminate unnecessary spending

Which of the following statements about shopping for produce is TRUE? Pre-cut fruits and vegetables are cheaper than buying them whole Buying whole produce is generally cheaper and lasts longer than pre-cut and packaged produce Packaged produce will last longer than whole produce Buying produce at the entrance of the store will prevent you from buying junk food

Buying whole produce is generally cheaper and lasts longer than pre-cut and packaged produce

When Benjamin goes shopping, why does he often find candy, magazines, and gum placed strategically by the cash register?

By the time shoppers get to the register, they have experienced decision fatigue and are more likely to give in to small purchases that are not necessary.

Maya is trying to substantially reduce the amount she spends on food. She should try...

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

Elijah is shopping for cereal and wants to find the box with the LOWEST unit price. Which one should he choose? 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

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

Mia is putting together her first post-graduation budget. Her net pay is $2,500 per month and she estimates that her monthly expenses will be $2,625. Which of the following is TRUE?

She needs to either cut back on her spending or find an additional source of income to balance her budget.

Mia wants to save money on her grocery shopping. All of the following are good budgeting strategies she could use 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

Focusing only on the price when comparing similar products

All of the following are true about prepaid cards EXCEPT... Prepaid cards typically include a lot of fees Prepaid cards are a useful option for someone who is unbanked to make online purchases Prepaid cards are usually accepted anywhere that debit and credit cards are accepted

Prepaid cards are a great way to build credit

Which statement best describes a savings account? Options: This account offers a convenient way to pay bills and access cash from an ATM, This account pays you interest on money you have put away for later to help your money grow, This account is automatically debited when you use a debit card, This account typically allows an unlimited number of transactions per month

This account pays you interest on money you have put away for later to help your money grow

Where does the money for a debit card purchase come from?

It is deducted directly from your checking account

Jocelyn gets a text alert from the bank that her account balance has dropped below $100 after a series of $20 ATM withdrawals. She has not used her ATM in over a week and wonders what she should do. What would you recommend?

Contact her bank immediately as it appears that her account may have been hacked

Explain how setting a financial goal(s) can help you create a budget.

It provides a clear target to aim for, helping to allocate resources effectively.

The purpose of a budget is:

to balance income, expenses and saving

Final Exam Review (Part 2)

Flashcard

•

Other

•

12th Grade

•

Practice Problem

•

Hard

•

DOK Level 1: Recall

Standards-aligned

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36 questions

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FLASHCARD QUESTION

Front

Charlotte started a new job and is having some of her paycheck deposited directly into a savings account. Which of the following values BEST explains why Charlotte does this on a regular basis? Inner, Social, Physical, Financial

Back

Financial

FLASHCARD QUESTION

Front

What are social values, as they pertain to money?

Back

How your family, friends, and community members impact your feelings about money

FLASHCARD QUESTION

Front

Lily has been reading articles that support her belief that a particular diet is the best for health, while ignoring articles that suggest otherwise. Which cognitive bias might be influencing Lily's decision making?

Back

Confirmation bias

FLASHCARD QUESTION

Front

Arjun is curious about why people often make decisions that seem irrational, like spending more money on a brand-name product when a cheaper, identical product is available. Which field of study would help Arjun understand this behavior?

Back

Combines economics and psychology to study why people behave the way they do in the real world.

FLASHCARD QUESTION

Front

You go to a concert and buy an expensive ticket. Even though you're tired, you stay until the end because it was costly. This is an example of...

Back

The Sunk Cost Fallacy

FLASHCARD QUESTION

Front

Why is it important for Maya to create a budget?

Back

A budget will help you save money and prioritize your spending.

FLASHCARD QUESTION

Front

What does it mean for Hannah to "pay herself first?"

Back

Auto-deposit a set amount of money into savings after each paycheck so that you don't spend all your income.

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