WorksheetsUnit 5 Earnings and Budgeting Quiz
Total questions: 45
Worksheet time: 23mins
Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses?
If you are trying to substantially reduce the amount you spend on food, you should try...
Leila just graduated from college and is comparing a few different cities to move to. Which of these factors is the LEAST important thing for her to consider right now?
Greg is trying to decide whether he needs a car when he moves to the city. Which of the following would be a reason for Greg to get a car rather than use public transportation?
Isaiah has a summer internship at a technology company and is paid $3,000. After Federal and state taxes, Social Security, and Medicare are deducted, his take-home pay is $2,500. Which of the statements below is correct?
You are interested in renting an apartment after graduating college. You meet with the landlord and complete the application. All of the following may need to be provided when you sign your lease EXCEPT
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?
Bryan is a great cook. He works as an independent contractor and books gigs cooking customers breakfast or dinner in their own homes on the app Cook For You. Who provides Bryan's health insurance and retirement plan?
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:
Which one of these expenses most likely represents a VARIABLE cost in someone's budget?
Now that Sanjana 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?
Which of the following is TRUE about a lease agreement?
Janine is considering what auto costs she is going to have after buying a new car. She has budgeted enough money for the monthly auto loan payment, gas, and auto insurance. Has Janine factored in all of the costs associated with car ownership?
Sadie is a freelance social media specialist. Companies can hire her to improve their social media presence. Why is it particularly important that Sadie, and other freelancers like her, have an emergency fund?
Why is it important to track expenses and income?
There are no benefits to tracking expenses and income
Tracking expenses and income only adds unnecessary stress
It is not important to track expenses and income
It is important to track expenses and income in order to make informed decisions, and plan for the future.
What are some common categories to include in a personal budget?
Housing, transportation, food, utilities, insurance, and debt payments.
Travel, dining out, and hobbies
Pet care, gardening, and home decor
Jewelry, electronics, and luxury items
How can setting financial goals help with budgeting?
Setting financial goals has no impact on budgeting
Budgeting is easier without any financial goals
Setting financial goals helps prioritize spending and saving, which in turn helps with budgeting.
Financial goals only create unnecessary stress and anxiety
How often should you review and adjust your budget?
You should review and adjust your budget only when you have a major life event
You should review and adjust your budget every 5 years
You should review and adjust your budget on a regular basis, such as monthly or quarterly, to ensure it aligns with your financial goals and current expenses.
You should review and adjust your budget once a year
What is the difference between fixed and variable expenses?
Fixed expenses are only paid once a year, while variable expenses are paid monthly
Variable expenses are only for luxury items, while fixed expenses are for necessities
Fixed expenses are always higher than variable expenses
Fixed expenses remain constant, while variable expenses can change from month to month.
How can you increase your income to meet financial goals?
Borrowing money from friends and family
Winning the lottery and spend less money
Spending less money and start buying lottery tickets
Career advancement, skill acquisition, investments, or starting a side business.
Money awarded to students based on achievement, does NOT have to be repaid
Grant
Loan
Work Study
Scholarship
Money borrowed that has to be paid back with interest
Grant
Loan
Work Study
Scholarship
Which tax is the money added to the cost of items or services?
Payroll taxes
Income taxes
sales taxes
property taxes
What is progressive tax?
Takes a larger percentage from lower-income groups that spend more money
If someone dies, that person’s heirs may have to pay taxes on property left behind
Takes a larger percentage from higher-income groups that make more money
Is based on the portion of the estate received by an individual
What are regressive taxes?
Is based on the portion of the estate received by an individual
Takes a larger percentage from higher-income groups that make more money
Takes a larger percentage of income from lower-income groups that spend more money
Are federal taxes on the wealth a person leaves behind
What are Sales Taxes?
Are taxes collected on most any product sold in a particular state
Are federal taxes on the wealth a person leaves behind
Are sales taxes on “luxury” items
Takes a larger percentage of income from lower-income groups than high-income groups
Employers pay 6.2% of their earnings to Social Security and Medicare (FICA)
Progressive
Regressive
Proportional
Transitional
A Salary is...
A person's weekly income
A person's yearly income
A person's monthly income
A person's fortnightly income
In the afternoons, you work at an aftercare program for elementary kids and get paid $15 per hour
Hourly
Salary
Tips
Contractual
A benefit of this type of income is the potential to receive payment, like a commission, on a daily basis.
Hourly
Salary
Tips
Contractual
What is Gross Income
All money earned BEFORE deductions.
All money earned AFTER deductions.
Amount of money paid per hour.
Amount of tips made per shift.
What is Net Income
All money earned BEFORE deductions.
All money earned AFTER deductions.
Any money in a cash register.
Amount of tips made per shift.
Punctuality
to arrive at the correct time
the process of organizing and planning how to divide your time between specific activities
the ability to talk to customers and help them with their concerns.
to make good choices that are honest and in the best interest of others.
Time Management
to make good choices that are honest, respectful, caring, and responsible.
the process of organizing and planning how to divide your time between specific activities
the ability to be on time to a job or for a class.
the ability to talk to customers and help them with their concerns.
Teamwork
to make good choices that are in the best interest of others
the process of working collaboratively with a group of people to achieve a goal
the ability to arrive on time to a job or a class
the ability to talk to customers and help them with their concerns.
What is the relationship between education and income?
The amount of education has no effect on income.
More education leads to a higher income.
More education leads to a high income with only a bachelor's degree.
More education leads to a high income with a professional degree only. Doctors and lawyers have a professional degree,
The money left over after all needs are paid is called _______________________.
disposable income
discretionary income
savings
emergency fund
The money you earn BEFORE deductions is your
net pay
gross pay
status
total
The total amount of income you take home after deductions is called your _______.
When we budget or buy things what do we need to know?
How much you will get paid next week.
How much money you have
Weekend plans
The sizes for the kids' birthday gifts
Income is
money set aside for later use.
items that use up the income.
money earned from a job or a service.
a plan for tracking income and expenses.
Savings is
money set aside for later use.
items that use up the income.
money earned from a job or a service.
a plan for tracking income and expenses.
Expenses are
money set aside for later use.
items that use up the income.
money earned from a job or a service.
a plan for tracking income and expenses.
A budget is
money set aside for later use.
items that use up the income.
money earned from a job or a service.
a plan for tracking income and expenses.
