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

The walking score in his city is high

Jenna wants to decrease the amount of $ she spends on food. Which of the following would help? - Decide what she will make for dinner that same day - Go to the grocery store with a list - Go to the store whenever she needs 1-2 items - Eat at fast food restaurants multiple times a week

Go to the grocery store with a list

Which of the following is TRUE about unit pricing? Unit prices can help you compare the prices of similar items , Unit price labels are universal throughout the country , It's easy to compare quantities on a unit price label , All states require unit price labels

Unit prices can help you compare the prices of similar items

In "pay yourself first" budgeting, what's typically the first action after getting paid?

Transfer money to your savings account

What is a "fixed expense" in a budget?

An expense that stays the same each month

Which budgeting approach is most likely to help someone who tends to overspend on impulse purchases? Options: Tracking expenses after each purchase, Using only cash for non-essential spending, Automating all bill payments, Reviewing expenses at the end of each month

Using only cash for non-essential spending

How does the 50/30/20 rule of thumb for budgeting allocate your income?

50% Needs, 30% Wants, 20% Savings & Debt Repayment

Which of the following is an example of buying something you NEED? Options: "I want to replace something that is no longer working." , "I want to impress someone/ change how they feel about me." , "I'm feeling down, and I need to boost my spirits." , "I don't want to miss out on these deals during the sale!"

"I want to replace something that is no longer working."

Which of the following best describes an advantage and a disadvantage of using a budgeting app to create and stick to a budget? Advantage: Provides real-time insights into spending habits and progress towards goals. Disadvantage: May require a subscription fee or contain in-app advertisements.

Advantage: Provides real-time insights into spending habits and progress towards goals. Disadvantage: May require a subscription fee or contain in-app advertisements.

You are planning a school carnival and need to purchase popcorn. You have two options: Option A: A bulk bag of 50 individual popcorn servings for $22.50. Option B: Boxes of 12 individual popcorn servings for $6.00 each. If you need 120 servings of popcorn, which option is the most cost-effective, and what is the total cost?

Option A; $54.00, Option B; $60.00, Option A is better.

Which of the following statements BEST describes a key difference between a zero-based budget, the cash envelope system, and the 50/30/20 budget? Only the 50/30/20 budget focuses on allocating a percentage of income to needs, wants, and savings. The cash envelope system is the only method that strictly uses physical cash, while the others rely on digital tracking. A zero-based budget requires every dollar of income to be assigned to a specific category, while the other two allow for more discretionary spending. All three methods prioritize debt repayment, but the cash envelope system is the most effective for eliminating debt quickly.

A zero-based budget requires every dollar of income to be assigned to a specific category, while the other two allow for more discretionary spending.

Budgeting

Flashcard

•

Life Skills

•

9th - 12th Grade

•

Practice Problem

•

Easy

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23 questions

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FLASHCARD QUESTION

Front

How do wages and salary differ?

Back

Salary describes what you earn on an annual basis.

FLASHCARD QUESTION

Front

Which of the following are TRUE about 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

FLASHCARD QUESTION

Front

Which of the following may NOT always appear on your paycheck stub? Gross Pay, Net Pay, Your Role/Title, Local Tax

Back

Your Role/Title

FLASHCARD QUESTION

Front

It's common 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

FLASHCARD QUESTION

Front

Which of the following might you pay WHEN you sign your lease? Finder's fee, Application fee, Security deposit, Renter's insurance

Back

Security deposit

FLASHCARD QUESTION

Front

According to a rule of thumb, rent shouldn't take up more than ___ % of your take-home pay.

Back

25-30%

FLASHCARD QUESTION

Front

Which of the following is NOT a cost of owning a car? License and Registration fees, Gasoline, Utilities, Insurance

Back

Utilities

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