Personal Finance Quiz

What does it mean to be paid salary?

• You are paid twice a month

• You are paid a flat amount regardless of hours worked

• You are paid a certain amount per hour

• You are paid once a month

Preparing a budget includes

• Income, Expenses, Saving
• Only listing your expenses
• Only listing your debts
• Only listing your income

Examples of Fixed Expenses include:

• Mortgage, loans, rent
• Cable, entertainment, food
• Gas, food, phone
• Clothing, gas, food

Which one is a fixed (same amount, same time) payment?

• food

• power

• mortgage

• petrol

The Gummy family budget $35 a month for a vacation. How much money will they have saved up if they continue to save this amount for 15 months?

• $525

• $225

• $550

• $50

Which of the following may NOT always appear on your paycheck stub?

• Gross Pay

• Net Pay

• Your Role/Title

• Local Tax

Which of the following might you pay WHEN you sign your lease?

• Finder's fee

• Application fee

• Security deposit

• Renter's insurance

Which of the following is NOT a cost of owning a car?

• License and Registration fees

• Gasoline

• Utilities

• Insurance

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

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

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

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

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

Which of the following is generally the most expensive category in a person’s budget?

• Healthcare

• Clothing

• Transportation

• Housing