Budgeting Review

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

• Dining out at local restaurants

• Payment on rent or a mortgage

• Buying new clothes

• Purchasing for a big-screen TV

If you are trying to reduce the amount you spend on food, you should try...

• Cooking your own food at home for as many meals as possible

• Dining at restaurants more often so you don't waste water doing dishes

• Eating more snacks on the go and way fewer meals at home

• Drinking more coffee and soda so you are not as hungry for food

Frank plans to move to a new town / city of where to live.  Which of these factors are important for him to consider for his budget? Check all that apply.

• Rent for apartments / prices for houses 

• Food and grocery store options in the area

• Employment opportunities

• Options for utilities, internet, phone, etc.

You are putting together your first budget.  You project your income will be $2,000 per month,  and your expenses will be $2,200.  Which of the following statements are likely true?  Check all that apply.

• You go into debt, or you have to spend more $ than you have

• You have plenty of income to spend for all you want to buy

• It may be more difficult to save any $ for future purchases

• You have more income than expenses, so you can save more $

You are interested in renting an apartment. You meet with the landlord and complete the application.  What would you need to provide when you sign your lease?

• A bank account

• Have enough $ for the first month’s rent

• A security deposit

• Only the first and second options are correct

• All options are correct

Which TWO of the following are good budgeting strategies if you want to save money at the grocery store?

• Go to the grocery store when you are hungry

• Choose food items that are on sale

• Choose all the food you want to eat, regardless of price

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

Which description is most accurate for a Zero-Based Budget?

• You put all your $ into budget, whether you spend or save

• You spend all your $ every month

• You spend your $ from your savings account every month

• You pay all your debts every month

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

• Cancel some of his streaming video subscriptions

• Go out to eat fewer times this month

• Buy a new car

• Move to a more expensive apartment or home

You overhear your teacher 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 pay for your needed expenses 

• Having a budget can help you manage what you want to buy

• All options are good reasons.

What is the difference between a fixed payment and a recurring payment?

• Fixed is the different payment per year, and recurring is the same payment per year

• Fixed is a different payment per month, and recurring is the same payment per month

• Fixed is a different payment per year, and recurring is a same payment per year.

• Fixed is the same payment per month, and recurring is a different payment per month.