One benefit of buying a car vs. leasing is...

You can build up trade-in or resale value

You'll have higher monthly payments than a lease

The car will have better safety ratings

You're always protected by a warranty

While NEEDS and WANTS can vary greatly depending on the individual and their situation, which of these items would most people agree to be a NEED?

Safe, reliable childcare for a single parent so they can go to work

A new cell phone every two years for a college student so they can keep in touch with family

Stylish clothes for a teenager so that they fit in with popular kids at school

Three weeks of vacation for a corporate executive so they can unwind from work

Melvin uses an Envelope Budget and has just received his paycheck. How much cash should he take out?

Enough to cover his variable expenses

None -- he is trying to save money!

Enough to cover his fixed expenses

A tiny bit to spend on wants -- he can always return to the ATM if he runs out

Which location is likely to have the HIGHEST cost of living?

A thriving city with a growing health care sector, pro sports teams, and good public transportation

A rural area with a population of 6000 people

A college town located 5 hours from the nearest big city

A city thats crime rate is high and population has decreased in the last 3 decades

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

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

Being open early in the morning and late at night

Paying their cashiers and baggers more

Accepting digital and print coupons

When renting an apartment, why is it important to have a written lease?

A lease clearly states the apartment costs and expectations for living there

It is against the law to live somewhere without a lease

Without a lease, a renter won't know how much to budget for rent, food, insurance, or transportation

Signing a lease provides you with free or discounted renters insurance

One benefit of buying a USED car is...

Lower acquisition (buying) price

Lower maintenance and gas costs

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

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

Lance is at the grocery store and has three options for buying boxed mac and cheese: 1 box for $1.78, a 3-pack for $6, or a 4-pack for $8. Comparing unit costs, which statement is true?

Lance will save the most if he gets one of each -- a single box, a 3-pack, and a 4-pack

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

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

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

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

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

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

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

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

His gross and net pay are $3,000

His gross and net pay are $2,500

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?

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

Yes, these are the three costs she should expect to pay once she is a car owner

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

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

What is one step you can take to adjust a budget for a limited income?

Prioritize essential expenses and cut back on non-essential spending

Increase your spending on luxury items to feel more satisfied

Borrow money regularly to cover basic expenses

Stop contributing to your emergency fund

Exam Review (Budgeting) - 2024

Authored by Mark Caza

Financial Education

12th Grade

Used 6+ times

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29 questions

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MULTIPLE CHOICE QUESTION

15 mins • 1 pt

You are putting together your first post-graduation budget. Your take-home pay will be $2,500 per month. You estimate your monthly costs to be rent of $800, car payment of $350, car insurance of $150, car maintenance of $50, entertainment of $500, food expense of $250, mobile phone of $75, student loan payment of $225 and other expense of $300. How would you describe your budget after analyzing all of your income and expenses?

You have a surplus of $200

You have a deficit of $200

You have a deficit of $2,700

You have a surplus of $5,200

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

You are interested in renting an apartment for your senior year in college. You meet with the landlord, complete the application, and after checking your credit background and references, the landlord approves your application. In most cases, you will need to provide the landlord with _________ at the time you sign the lease in order to get the apartment.

Rent payment for the first three months

First month's rent and a security deposit

An additional list of references and copies of your last three tax filings

A $500 bonus payment for awarding you the apartment

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

For most Americans, which budget expense category is largest?

Housing

Food

Transportation

Clothes

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

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

You put every dollar of your take-home pay into a budget category each month

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

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

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

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

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

Electricity bill

Rent

Car insurance premium

Student loan payment

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

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

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

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Some people experience great success when using budgeting apps to help them meet their goals. Why might this be the case?

The app store guarantees you'll save money -- if you don't, they'll refund your money

Because users carry their phones almost everywhere, budgeting becomes fast and convenient

Apps are better at doing complex budget calculations than spreadsheets

Most budgeting apps deposit extra funds into your account on a quarterly basis

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