Fall 24: Money Matters Finals

1. Which of the following is a fixed expense?

• a) Groceries
• b) Rent
• c) Entertainment
• d) Clothing

When creating a budget, what should you prioritize?

• a) Wants
• b) Savings
• c) Needs
• d) Debts

3. What percentage of your income is generally recommended for housing costs?

• a) 20%
• b) 30%
• c) 40%
• d) 50%

Which is NOT a factor to consider when choosing a place to live?

• a) Location
• b) Proximity to work/school
• c) The color of the walls
• d) Safety of the neighborhood

5. Which strategy helps save money on groceries?

• a) Shopping when hungry
• b) Buying name brands only
• c) Using a meal plan
• d) Avoiding grocery lists

What is the benefit of buying in bulk?

• a) Higher prices per unit
• b) Long-term savings
• c) Faster shopping trips
• d) Smaller quantities

7. What is the first step in financial planning?

• a) Set financial goals
• b) Spend less money
• c) Open a credit card
• d) Borrow money

What is the purpose of an emergency fund?

• a) To pay for vacations
• b) To cover unexpected expenses
• c) To pay off credit cards
• d) To invest in the stock market

9. Which of the following is an example of revolving credit?

• a) Mortgage
• b) Car loan
• c) Credit card
• d) Payday loan

What does a secured credit card require?

• a) A co-signer
• b) A minimum credit score
• c) A security deposit
• d) A high credit limit