WorksheetsBudgeting Review
Total questions: 30
Worksheet time: 15mins
Utilities would be an example of
Gas would be an example of a
Car Insurance would be an example of a
The amount an employee earns once taxes and other items are deducted from his or her gross pay.
Budget
Debt
Gross Income
Net Income
Fees incurred when a customer withdraws more money from an account than what is available in the account.
Debt
Budget
Gross Income
Overdraft fees
The total amount of money an individual has earned before taxes are taken out.
Net Income
Checking Account
Gross Income
Overdraft
Which of the following describes wants?
Necessary items for life that are paid monthly/yearly such as food, housing, transportation, utilities, insurances
Expenses that equal all the fixed and variable expenses added together
Things or tems that a person would like to own or purchase that is not necessary for life; Ex. entertainment, video games, etc.
Income from all possible sources
What is the cost of living index used for?
To compare how much people earn in different cities
To compare living cost and the purchasing power in two or more cities.
To compare different tax bracket.
To compare how much insurance do you need in certain city.
Which words do NOT apply to the Gig Economy?
short-term contracts
permanent employment
independent contractor
freelancer
What are the advantages of being a gig worker?
redundancy payments
national minimum wage
paid holidays and sick leave
flexible hours
If you are following the 50/30/20 Rule, and your net pay is $3,000 a month. What amount should you put in savings?
$200
$600
$1500
$900
In a zero-based budget, if you have money left over, where would be the best place to put it?
discresionary expenses
savings and/or debt repayment
dining out category
transportation
The Cost of Living Index is based on what number as being the average cost of living across the United States?
10
50
100
1000
The Cost of Living Index for San Francisco, California is 244. What does this tell you about this city.
It is significantly cheaper than most cities
You could expect to live comfortably here
It is significantly more expensive than most cities in the US.
You are guaranteed to make a high salary if you live here
North Carolina has a Cost of Living Index of 91. This means that, on average
It is cheaper to live in North Carolina than other states
It is more expensive to live in North Carolina than other states
Living in North Carolina would cost relatively the same as any other state
We may think it is expensive to live in Charlotte, NC even though its Cost of Living Index is 99.7 (slightly below average). Why is that?
Because it is generally expensive wherever you live in the US.
Because NC's average Cost of Living is only 91.
Because Charlotte is by far the largest city in North Carolina.
When budgeting monthly for car expenses, you should include which of the following?
gas
insurance
foreseen and unforeseen maintenance
all of these
Which of the following car expenses would be considered non-recurring?
gas
insurance
oil change
What is the Unit Price of a 5-lb bag of sugar, if the bag cost $2.00
$2.00
$0.40
$0.50
$10.00
Fruit juice is sold in a 64 oz. carton for $1.78, or in a 96 oz. carton for $2.99. Which one is a better value?
The 64-oz. carton
The 96-oz. carton
They are relatively the same cost.
"Pay yourself first" refers to the fact that you should
focus on your wants first, to improve your mental health
you should over-budget for variable expenses
you should think of savings as a "bill" that should be paid before anything else
that you should focus equally on your necessary and discretionary expenses
Median salaries for most occupations are lower in North Carolina, compared to the national average, because
We pay less taxes
We have a lower cost of living compared to the rest of the country
NC companies historically underpay their workers
North Carolinians are generally less skilled than the average American worker
Replacing a water heater, would most likely be considered what type of expense?
fixed
recurring
non-recurring
whammy
Jeremy is a freelance social media specialist. Companies can hire him to improve their social media presence. Why is it particularly important that Jeremy and other freelancers like him, have an emergency fund?
Freelancers charge a very low hourly rate, so Jeremy probably doesn't get paid much
Jeremy doesn't have guaranteed work every day, so he needs money in case he goes a while between clients
Jeremy will need a large emergency fund in order to make his monthly insurance payments
Jeremy's job requires a lot of expensive specialty equipment that will always need replacing
You're considering moving into a 3-bedroom apartment with two roommates, rather than living on your own after graduating. Which of your expenses would likely decrease by having roommates?
groceries and eating out
rent
cell phone bill
bedroom furniture
If you are following the 50/30/20 budgeting rule, and take home $2,500 a month. You should try to spend no more than what amount on your wants?
$1,250
$750
$500
$250
You're putting together your first post-graduation budget. Your net pay is $3,000 per month and you estimate your monthly expenses will be $3,125. How would you describe your budget?
You have a surplus of $125
You have a deficit of $125
You have a surplus of $3,125
Your estimates are close enough to your take-home pay to be considered "on budget"
