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

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

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

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

• Availability of public transportation

• Proximity to family and friends

• Number of restaurants and nightlife options

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

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

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?

• 1. 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

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

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

Which of the following is NOT a cost typically associated with renting an apartment?

• Proof of employment

• A bank account

• First and last month's rent

• A security deposit

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