Budgeting Review

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

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

• Food and grocery store options in the area

• Employment opportunities

• Average cost of Uber, Lyft, or taxi fare

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 three hours

Isaiah has a summer internship at a technology company and is paid 3,000 after Federal and State Taxes, Social Security, and Medicare deductions. His take home pay is 2,500. Which of the following statements 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 3,00 and net pay is 2,500

You are putting together your first post-graduation budget. Your net pay is 2,500 per month you estimate 2,500 per month estimate that your monthly expenses will be 2,625. How would you describe your budget?

• You have a surplus of $125

• You have a deficit of $125

• You have a deficit of $2,625

• You have a surplus of $2,500

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 mode of transportation

• First and last month's rent

• A security deposit

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

For two months in a row, Aaron realizes he has a budget deficit of roughly $175. Which of these options makes the most sense for him to fix his problem?

• Cancel one of his streaming video subscriptions and go out to dinner three fewer times each month with friends

• Start paying just the minimum monthly payment on his student loan and credit card debt, instead of the extra he's been contributing

• Sell his current car and get a less expensive vehicle

You're considering moving into a 3 bedroom apartment with 2 roommates, rather than living on your own post-college or post-high school. Which of your expenses would likely decrease by having roommates?

• Groceries and eating out

• Rent

• Cell phone bill

• Bedroom furniture