Budgeting 101

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

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

Front

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 to get the apartment.

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First month's rent and a security deposit

Front

For most Americans, which budget expense category is largest? Housing, Food, Transportation, Clothes

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Housing

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You're considering moving into a 4-bedroom apartment with 3 roommates rather than living on your own post-college. Which of your expenses would likely DECREASE by having roommates?

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Internet bill

Front

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

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

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How is gross pay different than net pay?

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Gross pay is the total you earned, while net pay has taxes deducted.

Front

Which one of these expenses most likely represents a VARIABLE cost in someone's budget?
Options: Electricity bill, Rent, Car insurance premium, Student loan payment

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Electricity bill

Front

Comparing unit costs, which statement is true? A single box is the best deal, A 3-pack is the best deal, A 4-pack is the best deal, Lance will save the most if he gets one of each -- a single box, a 3-pack, and a 4-pack

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A single box is the best deal

Front

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

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

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Month after month, Jessica is overspending in her budget and decreasing her savings account balance as a result. Which action would you recommend she take immediately? Options: Write a new lease so she is paying 25% less in rent each month, Stop paying her credit card bill and put the money into savings, Start packing her lunch from home every day instead of dining out, Quit her job so she can look for one that pays more

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Start packing her lunch from home every day instead of dining out