Final Exam Review (Part 3)

Front

How do wages and salary differ?

Back

Salary describes what you earn on an annual basis.

Front

Aiden just received his first paycheck. Which of the following are TRUE about his gross income and net income? They are the same thing, Gross income is the total amount earned AFTER deductions, Gross income is the total amount earned BEFORE deductions, Net income is the total amount earned BEFORE deductions

Back

Gross income is the total amount earned BEFORE deductions

Front

Scarlett is reviewing her paycheck stub. Which of the following may NOT always appear on it? Gross Pay, Net Pay, Local Tax

Back

Your Role/Title

Front

Aiden is preparing to rent a new apartment. It's common for him to have all of the following expenses BEFORE signing a lease EXCEPT... Renter's Insurance, Application fee, Application deposit, Apartment hunting expenses

Back

Renter's Insurance

Front

When Grace signs her lease for a new apartment, which of the following might she pay at that time? Finder's fee, Application fee, Security deposit, Renter's insurance

Back

Security deposit

Front

Jackson is planning his budget and wants to know how much of his take-home pay should go towards rent. According to a rule of thumb, rent shouldn't take up more than ___ % of your take-home pay.

Back

25-30%

Front

Rohan is considering buying a used car. Which of the following is a step he can take to mitigate the risk?
Options:
Get a vehicle history report,
Have a mechanic inspect the car after you buy it,
Skip the test drive; you have time after you buy it to drive,
Buy a more expensive vehicle to ensure quality

Back

Get a vehicle history report

Front

Arjun is calculating the costs of owning a car. Which of the following is NOT a cost he should consider? License and Registration fees, Gasoline, Utilities, Insurance

Back

Utilities

Front

Which of the following reasons would explain why Justin has decided not to own a car?
He doesn't have access to public transportation,
The walking score in his city is high,
Driving would reduce the time it takes to get to work by 30 minutes,
There are numerous car dealerships in his area

Back

The walking score in his city is high

Front

Michael is planning his monthly budget. About how much of his income should he allocate towards transportation?

Back

15-20%.