Budgeting - Unit 10

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

Which of these factors is the LEAST important thing for Leila to consider right now?
Average cost of Uber, Lyft, or taxi fare,
Employment opportunities,
Food and grocery store options in the area,
Average rent for an apartment

Back

Average cost of Uber, Lyft, or taxi fare

Front

You are interested in renting an apartment after graduating college. You meet with the landlord and complete the application. All of the following may need to be provided when you sign your lease EXCEPT: A security deposit, Proof of employment, First and last month's rent, A bank account.

Back

A bank account

Front

Which statement accurately describes how the 50/20/30 Rule would break down your take-home pay?

Back

50% needs, 20% on saving, and 30% on wants

Front

How would you describe your budget if your net pay is $2,500 per month and your monthly expenses are $2,625?

Back

You have a deficit of $125.

Front

Isaiah has a summer internship at a technology company and is paid $3,000. After Federal and state taxes, Social Security, and Medicare are deducted, his take-home pay is $2,500. Which of the statements below is correct?

Back

His gross pay is $3,000 and net pay is $2,500

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?
- Sell his current car and get a less expensive vehicle
- Contribute $100 less to savings each month and $75 less to his retirement fund
- 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

Back

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

Front

All of the following are good budgeting strategies if you want to save money at the grocery store EXCEPT: 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, 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 on unit price when comparing similar products

Back

Focusing only on the price when comparing similar products

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

Front

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

Back

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