WorksheetsBudgeting Review
Total questions: 13
Worksheet time: 7mins
Which cost is hardest to reduce?
Dining out
Car loan payment
New clothes
Postponing big-screen TV purchase
If you want to spend less on food, you should try...
Cooking your own food at home as much as possible
Dining at restaurants more often
Eating more snacks and fewer meals at home
Drinking more coffee and soda to reduce hunger
Leila is choosing a city to move to. Which factor is LEAST important for her?
Average rent for an apartment
Food and grocery store options
Employment opportunities
Average cost of Uber, Lyft, or taxi fare
Greg is deciding if he needs a car in the city. Which reason supports getting a car instead of using public transportation?
There are public transportation routes between Greg's apartment and work
Public transportation costs less than Greg’s car payment
Greg’s company pays half of his public transportation pass
Using public transportation, Greg’s commute is two hours one-way
Which of the following is NOT a good budgeting strategy for saving money at the grocery store?
Focus on unit price when comparing products
Plan meals around items you already have or items on sale
Focus only on price when comparing products
Make a grocery list and stick to it
Which is the best description of a Zero-Based Budget?
You assign every dollar of your net pay to a budget category each month
You spend your checking account balance to $0 each month
You spend your savings account balance to $0 each month
You pay all your debts to $0 each month
Aaron has a budget deficit of $175 for two months. Which option best helps him fix this?
Cancel a streaming subscription and eat out less with friends
Pay only the minimum on his student loan and credit card debt
Contribute $100 less to savings and $75 less to retirement each month
Sell his car and buy a cheaper one
You're moving into a 3-bedroom apartment with 2 roommates instead of living alone. Which expense would likely decrease?
Groceries and eating out
Rent
Cell phone bill
Bedroom furniture
Danaisha spends $325 a month on organic groceries. Charles spends $195 a month by shopping in bulk and using coupons. Who is budgeting correctly for food?
Danaisha, because she is focusing on her health, which will have a guaranteed payoff in the long run
Charles, because he's taking efforts to save money by focusing on his needs only
Both, because needs vs wants are determined on an individual basis
Neither, because they should meet in the middle somewhere. Charles should focus more on health, and Danaisha should cut her spending.
What does "Pay yourself first" mean?
Save whatever is left at the end of the month
Put part of your paycheck into savings before spending
Spend on needs and wants, save any extra
Be self-employed to pay yourself
How does the grocery store encourage you to spend more than you planned?
Being open early and late
Paying staff more
Placing expensive items at eye level and cheaper ones above or below
Accepting coupons
Janine has budgeted for her car loan, gas, and insurance after buying a new car. Has she included all car ownership costs?
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.
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
15. How does the 50/30/20 Rule divide 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% needs, 30% on wants and 20% on savings
50% on saving, 20% on wants, and 30% on needs
