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Budget Challenge Prep Slides Assessment

Total questions: 20

Worksheet time: 11mins

Name
Class
Date
1.

The term that identifies the number of days you have to pay a bill is:

a)

Cycle Date

b)

2 Days

c)

Due Date

d)

5 days

2.

All accounts in the simulation have a Grace Period.

a)

True

b)

False

3.

Paychecks in the simulation will be issued every two weeks (biweekly).

a)

True

b)

False

4.

Select items below which are reasons why employees don't exactly know how much their paycheck will be.

a)

Federal Taxes

b)

State Taxes

c)

Constant Change in Pay Rate

d)

401K Contributions

5.

Healthcare is an example of:

a)

Employee Benefit

b)

401K

c)

Student Loan

d)

Payroll Deduction

6.

The simulation begins with a zero balance in the bank account.

a)

True

b)

False

7.

ODP stands for:

a)

Over Debt Protection

b)

Over Desk Podium

c)

Over Draft Protection

d)

Over Diploma Paper

8.

Overdraft occurs when there is not enough money in an account to completely fund a transaction.

a)

True

b)

False

9.

Non-Sufficient funds is a fee charge by all vendors.

a)

True

b)

False

10.

In the case of a car crash, the deductible must be paid before or at the time of pickup for repairs.

a)

True

b)

False

11.

A credit union typically charges a membership fee.

a)

True

b)

False

12.

Using a credit card assists in establishing credit history.

a)

True

b)

False

13.

The credit limit on the credit card is:

a)

$1,000

b)

$500

c)

$1,500

d)

$2,500

14.

Which option establishes the least consistency in terms of budgeting?

a)

Standard Meter Billing

b)

Budget Billing

15.

Renter's Insurance Deductible is:

a)

$50

b)

$150

c)

$500

d)

$5000

16.

All participants begin the simulation with the same annual salary.

a)

True

b)

False

17.

A "minimum balance" allows slight flexibility if amount falls beneath the requirement.

a)

True

b)

False

18.

Insurance provides:

a)

Risk

b)

Protection

c)

Deductions

19.

What is the danger of having a 2-bedroom apartment?

a)

Cheaper rent

b)

Utilities (water, trash, sewer) included in rent amount

c)

Relying on others to pay for expenses

d)

Not having enough bathrooms

20.

All participants in the simulation have the same Student Loan payment.

a)

False

b)

True