WorksheetsBudget Challenge Prep Slides Assessment
Total questions: 20
Worksheet time: 11mins
The term that identifies the number of days you have to pay a bill is:
Cycle Date
2 Days
Due Date
5 days
All accounts in the simulation have a Grace Period.
True
False
Paychecks in the simulation will be issued every two weeks (biweekly).
True
False
Select items below which are reasons why employees don't exactly know how much their paycheck will be.
Federal Taxes
State Taxes
Constant Change in Pay Rate
401K Contributions
Healthcare is an example of:
Employee Benefit
401K
Student Loan
Payroll Deduction
The simulation begins with a zero balance in the bank account.
True
False
ODP stands for:
Over Debt Protection
Over Desk Podium
Over Draft Protection
Over Diploma Paper
Overdraft occurs when there is not enough money in an account to completely fund a transaction.
True
False
Non-Sufficient funds is a fee charge by all vendors.
True
False
In the case of a car crash, the deductible must be paid before or at the time of pickup for repairs.
True
False
A credit union typically charges a membership fee.
True
False
Using a credit card assists in establishing credit history.
True
False
The credit limit on the credit card is:
$1,000
$500
$1,500
$2,500
Which option establishes the least consistency in terms of budgeting?
Standard Meter Billing
Budget Billing
Renter's Insurance Deductible is:
$50
$150
$500
$5000
All participants begin the simulation with the same annual salary.
True
False
A "minimum balance" allows slight flexibility if amount falls beneath the requirement.
True
False
Insurance provides:
Risk
Protection
Deductions
What is the danger of having a 2-bedroom apartment?
Cheaper rent
Utilities (water, trash, sewer) included in rent amount
Relying on others to pay for expenses
Not having enough bathrooms
All participants in the simulation have the same Student Loan payment.
False
True
