WorksheetsBudgeting Study exam guide
Total questions: 15
Worksheet time: 8mins
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
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
If you are trying to substantially reduce the amount you spend on food, you should try...
a. Cooking your own food at home for as many meals as possible
b. Dining at restaurants more often so you don't waste water doing dishes
c. Eating more snacks on the go and way fewer meals at home
d. Drinking more coffee and soda so you are not as hungry for food
Dani does all her grocery shopping at organic markets and has a monthly grocery bill of $325. Dominic says that Dani 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?
Dani, because she is focusing on her health, which will have a guaranteed payoff in the long run
Both, because needs vs wants are determined on an individual basis
Dominic, because he's taking efforts to save money by focusing on his needs only
Neither, because they should meet in the middle somewhere. Dominic should focus more on health, and Dani should cut her spending.
You're considering moving into a 3 bedroom apartment with 2 roommates, rather than living on your own post-college. Which of your expenses would likely decrease by having roommates?
Groceries and eating out
Rent
Cell phone bill
bedroom furniture
Which one of these expenses most likely represents a VARIABLE (to change) cost in someone's budget?
Electricity bill
Rent
Car insurance premium
student loan payment
Now that Sumia 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?
Can I afford this laptop right now?
Is this the right time to buy this laptop or will it likely be on sale later?
What model laptop is trendy right now with people my age?
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?
All of the following are good budgeting strategies if you want to save money at the grocery store EXCEPT:
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
Focusing only on the price when comparing similar products
Preparing a grocery list before you go to the store and avoiding buying items that aren’t on the list
What action corresponds to the advice "Pay yourself first?"
Wait until the end of the month to determine how much you have leftover to save
Set aside a fraction of your paycheck into a savings account before you start spending
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
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
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
Contribute $100 less to savings each month and $75 less to his retirement fund
Sell his current car and get a less expensive vehicle
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:V
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
having a budget is a requirement for obtaining a mortgage
Which of these boxes of cereal has the LOWEST unit price?
Cereal A, which costs $3.20 for a 16 oz. box
Cereal B, which costs $5.00 for a 32 oz. box
Cereal C, which costs $2.50 for a 10 oz. box
Cereal D, which costs $4.50 for an 8 oz box
Which statement accurately describes how the 50/20/30 Rule would break down your take-home pay?
50% on wants, 20% on saving, and 30% on needs
50% on saving, 20% on needs, and 30% on wants
50% on needs, 20% on saving, and 30% on wants
50% on saving, 20% on wants, and 30% on needs
You are putting together your first post-graduation budget. Your net pay (take home pay) is $2,500 per month and you 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
shrinkflation is when:
a. Companies increase the quantity of a product and the price stays the same
b. Companies reduce the quantity of a product but the price stays the same
Grocery stores put high priced items at eye level and lower cost items above or below eye level
The price of items gets smaller
