All of the following are good budgeting strategies if you want to save money at the grocery store EXCEPT:

Focusing only on the price when comparing similar products

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

Preparing a grocery list before you go to the store and avoiding buying items that aren’t on the list

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

You put every dollar of your net 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

Danaisha does all her grocery shopping at organic markets and has a monthly grocery bill of $325. Charles says that Danaisha is wasting her money on wants instead of focusing on needs. He buys in bulk, uses coupons, and shops at Save-More for a monthly bill of $195. Who's budgeting correctly for food?

Both, because needs vs wants are determined on an individual basis

Danaisha, because she is focusing on her health, which will have a guaranteed payoff in the long run

Charles, because he's taking efforts to save money by focusing on his needs only

Neither, because they should meet in the middle somewhere. Charles should focus more on health, and Danaisha should cut her spending.

When living in a rural area, you are most likely to…

Depend mostly on personal vehicles, such as cars or motorcycles, for transportation

Rely heavily on public transportation like buses and trains for daily commuting

Often walk or bike to most destinations due to close proximity of amenities

Frequently use ride-sharing services for everyday travel

You overhear your cousin talking about the importance of creating and sticking to a budget. All of the following are good reasons to create and stick to a budget EXCEPT:

Having a budget is a requirement for obtaining a mortgage

A budget can help you identify any bad spending habits

Using a budget can allow you to work towards your financial goals

Having a budget can help you create an emergency fund

What action corresponds to the advice "Pay yourself first?"

Set aside a fraction of your paycheck into a savings account before you start spending

Wait until the end of the month to determine how much you have leftover to save

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

Now that Sanjana is done with college, she is trying to decide whether or not she should buy a new laptop for herself. She has made a preliminary list of questions she can ask herself to determine if the new laptop is a need or a want. Which of the following questions would you ELIMINATE from this list?

What model laptop is trendy right now with people my age?

Can I afford this laptop right now?

Is this the right time to buy this laptop or will it likely be on sale later?

How am I going to pay for this laptop? If I have to charge it or take out a loan, can I afford the monthly payments?

Which of the following accurately describes the envelope budgeting strategy?

Putting cash for different spending categories into separate envelopes and only spending what's in each envelope

Regularly buying investments like stocks or bonds with a certain amount of money each month

Saving a small part of your income every week to buy something big at the end of the year

Keeping a written record of all of the money you receive and spend in a notebook to see where your money goes

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

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

Which statement accurately describes how the 50/20/30 Rule would break down your take-home pay?

50% needs, 20% on saving, and 30% on wants

50% on wants, 20% on saving, and 30% on needs

50% on saving, 20% on needs, and 30% on wants

50% on saving, 20% on wants, and 30% on needs

Which of the following scenarios shows someone losing purchasing power due to inflation?

Aafia gets a 2.5% raise and inflation increase prices by 3%

Artie gets a 3% raise and inflation increases prices by 2%

Joanna gets a 4.5% raise and inflation increases prices by 4.5%

Gyasi gets a 5% raise and inflation increases prices by 3.5%

Joanne is buying a new car and her monthly payment is $320. She allocates $350/month towards auto-related costs. What mistake is Joanne making when creating her auto budget?

She is not accounting for the cost of fuel, insurance, maintenance, and other potential expenses beyond her car payment

She is overestimating her budget, as $350 is more than enough to cover all car-related expenses

Joanne should not allocate any budget for auto-related costs other than the monthly payment

The mistake is in buying a new car; she should always opt for a used car

What is the primary benefit of creating an emergency fund?

To cover unexpected expenses without going into debt

To pay off student loans faster

To increase monthly spending on leisure activities

Money that you spend or give away.

Money that you put away for later.

When comparing and contrasting savings and investing, which of the following is true?

Savings provides the foundation for financial security, while investing is used to pay for long-term goals, such as retirement.

Saving and investing both help a person stay at their current level of living.

Savings is less liquid than investing

Savings is used to pay for long-term goals, while investing is used to pay for emergencies.

Which of the following is an effective strategy for personal saving?

Save a certain percentage of each paycheck and deposit it directly into a savings account

Wait until the end of the month and save whatever is left in your checking account

Cover all of your wants and needs and save whatever is left over

Take out a payday loan so you can save before you receive your paycheck

Which of the following is a benefit of using a budget?

It helps you track your spending and save for future goals.

It guarantees financial success without any effort.

It eliminates the need for any financial planning.

It allows you to spend freely without any restrictions.

Which of the following is a characteristic of a variable expense?

It fluctuates based on usage or consumption.

It is always higher than fixed expenses.

It remains the same every month.

You overhear your cousin talking about the importance of creating and sticking to a budget. All of the following are good reasons to create and stick to a budget EXCEPT:

Having a budget is a requirement for obtaining a mortgage

A budget can help you identify any bad spending habits

Using a budget can allow you to work towards your financial goals

Having a budget can help you create an emergency fund

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

You put every dollar of your net 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

Budgeting Unit Review Quiz

Budgeting Unit Review

Authored by Mr. Hamza

Social Studies

12th Grade

DOK Level 1: Recall covered

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55 questions

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MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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 year

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

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Budgeting Unit Review

Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses?

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?

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

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?

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?

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?

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 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:

All of the following are good budgeting strategies if you want to save money at the grocery store EXCEPT:

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

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