Quiz about Budgeting

Question 1

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

your expenses?

Accepted Answer

Loan payment on a new car

Answer

Dining out at local restaurants

Answer

Expenses for new clothes

Answer

Postponing a purchase for a big-screen TV

Question 2

You earn a salary of $40,000 per year and decide to save 20% of your gross pay. You set a

goal of creating a $16,000 emergency fund. How long will it take for you to achieve your

goal?

Accepted Answer

2 years

Answer

6 months

Answer

1 year

Answer

3 years

Question 3

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

Accepted Answer

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

Answer

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

Answer

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

Answer

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

Question 4

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?

Accepted Answer

Average cost of Uber, Lyft, or taxi fare

Answer

Average rent for an apartment

Answer

Food and grocery store options in the area

Answer

Employment opportunities

Question 5

Which

of these boxes of cereal has the

LOWEST

unit price?

Accepted Answer

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

Answer

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

Answer

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

Answer

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

Question 6

Isaiah

has a summer internship at a technology company and is paid $3,000. After Federaland state taxes, Social Security, and Medicare are deducted, his take-home pay is $2,500.Which of the statements below is correct?

Accepted Answer

His gross pay is $3,000 and net pay is $2,500

Answer

His gross pay is $2,500 and net pay is $3,000

Answer

His gross and net pay are $3,000

Answer

His gross and net pay are $2,500

Question 7

You

are putting together your first post-graduation budget. Your net pay is $2,500 permonth and you estimate that your monthly expenses will be $2,625. How would youdescribe your budget?

Accepted Answer

You have a deficit of $125

Answer

You have a surplus of $125

Answer

You have a deficit of $2,625

Answer

You have a surplus of $2,500

Question 8

You

are interested in renting an apartment after graduating college. You meet with thelandlord and complete the application.

All of the following may need to be provided whenyou sign your lease EXCEPT

Accepted Answer

A bank account

Answer

Proof of employment

Answer

First and last month's rent

Answer

A security deposit

Question 9

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

Accepted Answer

ou put every dollar of your net pay into a budget category eachmonth

Answer

You spend your checking account balance down to $0 every month

Answer

You spend your saving account balance down to $0 every month

Answer

You pay every one of your debts down to $0 every month

Question 10

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?

Accepted Answer

Cancel one of his streaming video s

subscription

s and go out to dinner three fewer times each month with friends

Answer

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

Answer

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

Answer

Sell his current car and get a less expensive vehicle

Question 11

You're

considering moving into a 3 bedroom apartment with 2 roommates, rather thanliving on your own post-college. Which of your expenses would likely decrease by havingroommates?

Accepted Answer

Rent

Answer

Groceries and eating out

Answer

Cell phone bill

Answer

Bedroom furniture

Question 12

Danaisha

does all her grocery shopping at organic markets and has a monthly grocery billof $325. Charles says that Danaisha is wasting her money on wants instead of focusing onneeds. He buys in bulk, uses coupons, and shops at Save-More for a monthly bill of $195.Who's budgeting correctly for food?

Accepted Answer

Both, because needs vs wants are determined on an individual basis

Answer

Danaisha, because she is focusing on her health, which will have a guaranteed payoff in the long run

Answer

Charles, because he's taking efforts to save money by focusing on his needs only

Answer

Neither, because they should meet in the middle somewhere. Charles should focusmore on health, and Danaisha should cut her spending.

Question 13

Bryan is a great cook. He works as an independent contractor and books gigs

cooking customers breakfast or dinner in their own homes on the app Cook For You. Who provides Bryan's health insurance and retirement plan?

Accepted Answer

Bryan has to fund them himself

Answer

Each family he cooks for

Answer

The owners of the Cook For You app

Answer

The Google and Apple app stores

Question 14

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

Accepted Answer

Having a budget is a requirement for obtaining a mortgage

Answer

A budget can help you identify any bad spending habits

Answer

b.

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

Answer

Having a budget can help you create an emergency fund

Question 15

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

Accepted Answer

Electricity bill

Answer

Rent

Answer

Car insurance premium

Answer

Student loan payment

Question 16

What action corresponds to the advice, "Pay yourself first?"

Accepted Answer

Set aside a fraction of your paycheck into savings account before you start spending.

Answer

Wait until the end of the month to determine how much you have leftover to save.

Answer

Spend your regular paycheck on needs and wants but funnel any extra money into saving.

Answer

Become self-employed so you're paying yourself instead being paid by an employer

Question 17

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 laptop is a need or a want. Which of the following questions would you ELIMINATE from this list?

Accepted Answer

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

Answer

Can I afford this laptop right now?

Answer

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

Answer

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

Question 18

Which of the following is TRUE about a lease agreement?

Accepted Answer

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

Answer

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

Answer

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

Answer

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

Question 19

The defining characteristic of a job in the gig economy is...

Accepted Answer

Workers complete short-term work for many different clients.

Answer

Workers are paid by the federal government

Answer

Workers decide how much they want to pay in taxes.

Answer

Workers receive free phones and wifi connections

Question 20

One way the grocery store tricks you into spending more money than you budgeted for is...

Accepted Answer

Putting high priced items at eye level and lower cost items above or below eye level

Answer

Being open early and late at night

Answer

Paying their cashiers and baggers more

Answer

Accepting digital and print coupons

Question 21

Janine is considering what auto costs she is going to have after buying a new car. She has budgeted enough money for the monthly auto loan payment, gas and auto insurance. Has Janine factored in all of the costs associated with car ownership?

Accepted Answer

No, she needs to factor in other costs such as maintenance, emergency repairs, etc.

Answer

Yes, there are the 3 costs she should expect to pay once she is a car owner.

Answer

No, she does not need to include the cost of auto insurance as it is included in her auto loan repayment.

Answer

No, she does not need to include the cost of gas as it is covered under her auto insurance policy.

Question 22

Which statement accurately describes how the 50/30/20 Rule would break down your take-home pay?

Accepted Answer

50% needs, 20% on saving, and 30% on wants

Answer

50% on wants, 20% on saving and 30% on needs

Answer

50% on saving, 20% on needs, and 30% on wants

Answer

50% on saving, 20% on wants and 30% on needs

Question 23

Sadie is a freelance social media specialist. Companies can hire her to improve their social media presence. Why is it particularly important that Sadie, and other freelancers like her, have an emergency fund?

Accepted Answer

Sadie doesn't have guaranteed work everyday, so she needs money in case she goes a while between clients

Answer

Freelancers charge a very low hourly rate, so Sadie probably doesn't get paid much

Answer

Sadie will need a large emergency fund in order to make her monthly insurance payments

Answer

Sadie's job requires a lot of expensive specialty equipment that will always need replacing

Budgeting

28 questions

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

You earn a salary of $40,000 per year and decide to save 20% of your gross pay. You set a
goal of creating a $16,000 emergency fund. How long will it take for you to achieve your
goal?

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

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?

Greg
is trying to decide whether he needs a car when he moves to the city. Which of the following would be a reason for Greg to get a car rather than use public transportation?

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

Isaiah
has a summer internship at a technology company and is paid $3,000. After Federaland state taxes, Social Security, and Medicare are deducted, his take-home pay is $2,500.Which of the statements below is correct?

You
are putting together your first post-graduation budget. Your net pay is $2,500 permonth and you estimate that your monthly expenses will be $2,625. How would youdescribe your budget?

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

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

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Budgeting

28 questions

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

You earn a salary of $40,000 per year and decide to save 20% of your gross pay. You set agoal of creating a $16,000 emergency fund. How long will it take for you to achieve yourgoal?

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

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?

Gregis trying to decide whether he needs a car when he moves to the city. Which of the following would be a reason for Greg to get a car rather than use public transportation?

Whichof these boxes of cereal has theLOWESTunit price?

Isaiahhas a summer internship at a technology company and is paid $3,000. After Federaland state taxes, Social Security, and Medicare are deducted, his take-home pay is $2,500.Which of the statements below is correct?

Youare putting together your first post-graduation budget. Your net pay is $2,500 permonth and you estimate that your monthly expenses will be $2,625. How would youdescribe your budget?

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

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

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Mathematics

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

You earn a salary of $40,000 per year and decide to save 20% of your gross pay. You set a
goal of creating a $16,000 emergency fund. How long will it take for you to achieve your
goal?

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?

Greg
is trying to decide whether he needs a car when he moves to the city. Which of the following would be a reason for Greg to get a car rather than use public transportation?

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

Isaiah
has a summer internship at a technology company and is paid $3,000. After Federaland state taxes, Social Security, and Medicare are deducted, his take-home pay is $2,500.Which of the statements below is correct?

You
are putting together your first post-graduation budget. Your net pay is $2,500 permonth and you estimate that your monthly expenses will be $2,625. How would youdescribe your budget?

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