WorksheetsBudgeting - Unit 10
Total questions: 20
Worksheet time: 20mins
If you want to spend less on food, you should...
Drink more coffee and soda to feel less hungry
Cook your own meals at home
Eat more snacks on the go and fewer meals at home
Eat at restaurants more to avoid doing dishes
Leila is choosing a city to move to after college.
Which factor is LEAST important for her to consider?
Average cost of Uber, Lyft, or taxi fare
Employment opportunities
Food and grocery store options
Average rent for an apartment
Which of the following is NOT typically required when signing a lease for an apartment?
A security deposit
Proof of employment
First and last month's rent
A bank account
How does the 50/20/30 Rule divide your take-home pay?
50% on saving, 20% on wants, and 30% on needs
50% on needs, 20% on saving, and 30% on wants
50% on wants, 20% on saving, and 30% on needs
50% on saving, 20% on needs, and 30% on wants
Your monthly net pay is $2,500 and your monthly expenses are $2,625. How would you describe your budget?
You have a surplus of $2,500
You have a deficit of $2,625
You have a surplus of $125
You have a deficit of $125
Isaiah earns $3,000 at his internship. After taxes and deductions, he takes home $2,500. Which statement is correct?
His gross pay is $3,000 and net pay is $2,500
His gross and net pay are $2,500
His gross pay is $2,500 and net pay is $3,000
His gross and net pay are $3,000
Aaron has a budget deficit of $175 each month.
Which option is the best way for him to fix this?
Sell his car and buy a cheaper one
Save $100 less and put $75 less into retirement each month
Cancel a streaming subscription and eat out three fewer times each month
Pay only the minimum on his student loan and credit card instead of extra
Which of the following is NOT a good way to save money at the grocery store?
Make a grocery list and stick to it
Compare only the price of similar products
Plan meals using items you have or that are on sale
Check the unit price when comparing products
If you move into a 3-bedroom apartment with 2 roommates instead of living alone, which expense would likely decrease?
Cell phone bill
Rent
Bedroom furniture
Groceries and eating out
Which is the best description of a Zero-Based Budget?
You spend your checking account balance to $0 each month
You assign every dollar of your net pay to a budget category each month
You pay all your debts down to $0 each month
You spend your savings account balance to $0 each month
You earn $40,000 per year and save 20% of your pay.
If you want a $16,000 emergency fund, how long will it take to reach your goal?
1 year
3 years
2 years
6 months
Which of the following is NOT a good reason to create and stick to a budget?
Having a budget is required to get a mortgage
A budget can help you spot bad spending habits
A budget can help you build an emergency fund
A budget helps you work towards financial goals
Which of these is most likely a VARIABLE cost in a budget?
Student loan payment
Rent
Electricity bill
Car insurance premium
Greg is deciding if he needs a car in the city.
Which reason supports Greg getting a car instead of using public transportation?
Greg’s commute by public transportation is two hours one-way
There are several public transportation routes to work
Greg’s company pays half his public transportation pass
Public transportation costs less than a car payment
What does "Pay yourself first" mean?
Spend your paycheck on needs and wants, then save any extra
Save part of your paycheck before spending
Save whatever is left at the end of the month
Become self-employed to pay yourself
Sherita is deciding if she should buy a new laptop. Which question should she REMOVE from her list to decide if the laptop is a need or a want?
How will I pay for this laptop? Can I afford the payments?
What model laptop is popular with people my age?
Can I afford this laptop now?
Is this the best time to buy, or will it be on sale later?
Which of the following is TRUE about a lease agreement?
A lease is an agreement that includes details about rent, apartment rules, and moving out.
A lease has information about your past housing experience for the owner to check.
You never pay any fees when signing a lease. If you do, it is a scam.
A lease is an agreement between you and your roommates that you give to the owner.
How does a grocery store get you to spend more than you planned?
Using coupons
Placing expensive items at eye level
Being open longer hours
Paying staff more
Dana spends $325 a month on groceries at organic markets. Chuck spends $195 a month by buying in bulk and using coupons at Save-More. Who is budgeting correctly for food?
Both, because needs vs wants are determined on an individual basis
Neither, because they should meet in the middle somewhere. Chuck should focus more on health, and Dana should cut her spending.
Dana, because she is focusing on her health, which will have a guaranteed payoff in the long run
Chuck, because he's taking efforts to save money by focusing on his needs only
Janine has budgeted for her car loan payment, gas, and insurance after buying a new car.
Has she included all car ownership costs?
No, she needs to factor in other costs such as maintenance, emergency repairs, etc.
No, she does not need to include the cost of gas as it is covered under her auto insurance policy
Yes, these are the three costs she should expect to pay once she is a car owner
No, she does not need to include the cost of auto insurance as it is included in her auto loan payment.
