Budgeting Test

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

If you are trying to substantially 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

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

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?

• There are several public transportation routes between Greg's apartment and work

• The cost of public transportation is less than Greg’s monthly car payment

• Greg’s company covers half the cost of his monthly public transportation pass

• Using public transportation, Greg’s commute to work one-way is two hours

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

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

• You put every dollar of your net pay into a budget category each month

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

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

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

You're considering moving into a 3-bedroom apartment with 2 roommates, rather than living on your own post-college. Which of your expenses would likely decrease by having roommates?

• Groceries and eating out

• Rent

• Cell phone bill

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

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

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

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

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

• Being open early in the morning and late at night

• Putting high priced items at eye level and lower cost items above or below eye level on shelves and end caps

• Accepting digital and print coupons