Personal Finance Budgeting Quiz

Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses?

• Dining out at local restaurants

• Loan payment on a new car

• Expenses for new clothes

• Postponing a purchase for a big-screen TV

Leila just graduated from college and is comparing a few different cities to move to. Which of these factors is the LEAST important thing for her to consider right now?

• Average rent for an apartment

• Food and grocery store options in the area

• Employment opportunities

• Average cost of Uber, Lyft, or taxi fare

Which of these boxes of cereal has the LOWEST unit price?

• Cereal A, which costs $3.20 for a 16 oz. box

• Cereal B, which costs $5.00 for a 32 oz. box

• Cereal C, which costs $2.50 for a 10 oz. box

• Cereal D, which costs $4.50 for an 8 oz box

You are interested in renting an apartment after graduating college. You meet with the landlord and complete the application. All of the following may need to be provided when you sign your lease EXCEPT

• Proof of employment

• A bank account

• First and last month's rent

• A security deposit

All of the following are good budgeting strategies if you want to save money at the grocery store EXCEPT:

• Focusing on unit price when comparing similar products

• Building a weekly meal plan around items you already own or items that are on sale that week, rather than just choosing foods you'd like to eat

• Focusing only on the price when comparing similar products

• Preparing a grocery list before you go to the store and avoiding buying items that aren’t on the list

For two months in a row, Aaron realizes he has a budget deficit of roughly $175. Which of these options makes the most sense for him to fix his problem?

• Cancel one of his streaming video subscriptions and go out to dinner three fewer times each month with friends

• Start paying just the minimum monthly payment on his student loan and credit card debt, instead of the extra he's been contributing

• Contribute $100 less to savings each month and $75 less to his retirement fund

• Sell his current car and get a less expensive vehicle

You overhear your cousin talking about the importance of creating and sticking to a budget. All of the following are good reasons to create and stick to a budget EXCEPT:

• A budget can help you identify any bad spending habits

• Using a budget can allow you to work towards your financial goals

• Having a budget can help you create an emergency fund

• Having a budget is a requirement for obtaining a mortgage

Which one of these expenses most likely represents a VARIABLE cost in someone's budget?

• Electricity bill

• Rent

• Car insurance premium

• Student loan payment

Now that Sanjana is done with college, she is trying to decide whether or not she should buy a new laptop for herself. She has made a preliminary list of questions she can ask herself to determine if the new laptop is a need or a want. Which of the following questions would you ELIMINATE from this list?

• Can I afford this laptop right now?

• Is this the right time to buy this laptop or will it likely be on sale later?

• What model laptop is trendy right now with people my age?

• How am I going to pay for this laptop? If I have to charge it or take out a loan, can I afford the monthly payments?

Which of the following is TRUE about a lease agreement?

• A lease is an agreement between you and your roommates that you submit to the apartment owner.

• You never have to pay any fees when you sign a lease. If you do, that means it is a scam.

• A lease often has information about your prior housing experience; it's a record that the apartment owner can use to see if you are a good candidate

• A lease is an agreement that includes details about rent, apartment policies, vacating, etc.