Personal Finance

Which of the following should you consider when setting a budget?

• Your financial goals

• Your future pay

• Needs and wants

• Savings

Where should you look to find your current expenses when building your budget?

• your parents

• bank and credit statements

• your friends

• your wallet

Which of the following statements is TRUE?

• Recurring expenses don't need to be planned for because they rarely happen.

• Recurring expenses are expenses that can never be stopped.

• Recurring expenses should be planned for after looking at your wants.

• Recurring expenses are expenses that occur at regular intervals

Which of the following is a way to track your spending?

• an app

• envelope method

• spreadsheet budget

• allowance

When you are deciding what to buy, you should not...

• assume that buying the cheapest item is the smartest choice.

• compare the unit price of similar items.

• read reviews from unbiased sources.

• wait for sales to get the best price.

When you are deciding what to buy, you should always...

• compare the unit price of items similar to the one you want.

• pick the cheapest item to get the best deal.

• pick the most expensive item to get the best quality.

• trust a friend or store employee to pick the best items for you.

How is a post from a social media influencer different than a comment from a regular consumer?

• It isn’t any different.

• The post by the influencer is likely one-sided.

• The post by the influencer may have been posted by the seller.

• The influencer is paid to post the product.

Which example shows an advantages of owning a car over leasing one?

• discount on auto insurance

• no restrictions on the number of miles to drive and the ability to customize, or make changes to the car.

• smaller monthly payments and good warranty to cover repairs

• you will drive a fairly new car for a limited period of time.

What is the best reason for why someone would want to lease a house instead of buy one?

• They want full responsibility of all repairs.

• They want to be able to hopefully make money when they sell the place.

• They are planning on living there for a short period of time.

• They want to avoid rent increases and dealing with a landlord.

Why is figuring out the unit price of something useful when shopping?

• It helps you check to see if the price is correct.

• It helps you locate items in the store.

• It helps you determine the best deal.

• It determines if a coupon is still usable.