Spring 2025 EPF Test 2 Honors

Spring 2025 EPF Test 2 Honors

Assessment

Flashcard

Social Studies

9th - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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56 questions

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1.

FLASHCARD QUESTION

Front

What is the maximum percentage of your monthly net income that should go towards monthly mortgage payments, including insurance and tax, according to the 20/10 Rule?

Back

30%

2.

FLASHCARD QUESTION

Front

According to the 20/10 Rule, what types of debt should be kept below 20% of your yearly net income? Options: Mortgage only, Credit card, student loan, and mortgage, Credit card, student loan, car loan, and personal loan, Car loan and personal loan only

Back

Credit card, student loan, car loan, and personal loan

3.

FLASHCARD QUESTION

Front

After reviewing your expenses and income, what is the next step in managing debt repayment?

Back

Recognize spending leaks and stop them

4.

FLASHCARD QUESTION

Front

Which of the following is a recommended strategy for reducing spending?
Options:
Reduce spending abruptly,
Reduce spending gradually,
Increase spending on non-essentials,
Do not monitor spending habits

Back

Reduce spending gradually

5.

FLASHCARD QUESTION

Front

What is a suggested action to take regarding your home environment to help manage debt? Options: Increase the heat/cool to maximum levels, Never clean or organize your home, Rent out a room in your house

Back

Turn down the heat/cool a bit (but stay comfortable and healthy)

6.

FLASHCARD QUESTION

Front

How can you reduce waste and manage debt according to the suggestions?

Back

Watch groceries spoilage and waste

7.

FLASHCARD QUESTION

Front

After paying off the debt with the highest interest rate in the debt avalanche strategy, you .

Back

Pay off the debt with the next high

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