Everfi Quiz 1

As a general rule, it's always wise to put away how many months of expenses towards emergency savings?

• 6 months

• 1 month

• 12 months

• 2 months

What's the Golden Rule of Finances?

• Spend more than you earn.

• Spend less than you earn.

• Borrow all the time.

Which item is an example of a want NOT a need?

• Food

• Shelter

• Smart Phone

What is a budget?

• A plan for your money made up of income and expenses.

• Your paycheck.

• Your allowance.

What is income?

• The money you are earning, like allowances or money you get for your birthday.

• What you need to pay every month to cover your expenses.

What is expenses?

• The money you are spending, it includes everything you are buying such as concert tickets, clothing, or even gum.

• The money you are saving.

• The money you earn for working a job.

What is an example of a variable expense?

• Eating out with friends.

• Paying rent.

• Paying for health insurance.

What is a fixed expense?

• Something you pay regularly and the amount doesn't change.

• Something you pay only when you feel like it.

• Something that changes in price every month.

What is a salary?

• A fixed payment usually paid every week or bi-weekly basis in exchange for hours of labor.

• A bill I receive every month.

• My dog's name.

What is sales tax?

• The tax you pay to state or local government when purchasing an item online or at a store.

• The tax you pay for owning property.

• The tax you pay to the monarchy.