1. 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

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?

• 6 months
• 1 year
• 2 years
• 3 years

3. 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
• Drinking more coffee and soda so you are not as hungry for food

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?

• Average rent for an apartment
• Food and grocery store options in the area
• Employment opportunities
• Average cost of Uber, Lyft, or taxi fare

5. 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

6. 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

7. 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 $2,500 and net pay is $3,000
• His gross and net pay are $3,000
• His gross and net pay are $2,500
• His gross pay is $3,000 and net pay is $2,500

8. You are putting together your first post-graduation budget. Your net pay is $2,500 per month and you estimate that your monthly expenses will be $2,625. Which of the following is TRUE?

• You have an extra $125 each month that you can spend on a fun or leisure activity
• You can invest a portion of your monthly income into a retirement fund, as your expenses are well within your budget
• You need to either cut back on your spending or find an additional source of income to balance your budget
• You have room in your budget to make philanthropic donations to your favorite charity

9. 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

10. 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