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Budgeting Unit Review

Total questions: 55

Worksheet time: 45mins

Name
Class
Date
1.
Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses?
a)
Dining out at local restaurants
b)
Loan payment on a new car
c)
Expenses for new clothes
d)
Postponing a purchase for a big-screen TV
2.
You earn a salary of $40,000 per year and decide to save 20% of your gross pay. You set a goal of creating a $16,000 emergency fund. How long will it take for you to achieve your goal?
a)
6 months
b)
1 year
c)
2 years
d)
3 year
3.
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
4.
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?
a)
Average rent for an apartment
b)
Food and grocery store options in the area
c)
Employment opportunities
d)
Average cost of Uber, Lyft, or taxi fare
5.
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?
a)
There are several public transportation routes between Greg's apartment and work
b)
The cost of public transportation is less than Greg’s monthly car payment
c)
Greg’s company covers half the cost of his monthly public transportation pass
d)
Using public transportation, Greg’s commute to work one-way is two hours
6.
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?
a)
His gross pay is $2,500 and net pay is $3,000
b)
His gross and net pay are $3,000
c)
His gross and net pay are $2,500
d)
His gross pay is $3,000 and net pay is $2,500
7.
You are putting together your first post-graduation budget. Your net pay is $2,500 per month and you estimate that your monthly expenses will be $2,625. Which of the following is TRUE?
a)
You have an extra $125 each month that you can spend on a fun or leisure activity
b)
You can invest a portion of your monthly income into a retirement fund, as your expenses are well within your budget
c)
You need to either cut back on your spending or find an additional source of income to balance your budget
d)
You have room in your budget to make philanthropic donations to your favorite charity
8.
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:
a)
Proof of employment
b)
Your bank account number
c)
First and last month's rent
d)
A security deposit
9.
All of the following are good budgeting strategies if you want to save money at the grocery store EXCEPT:
a)
Focusing on unit price when comparing similar products
b)
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
c)
Focusing only on the price when comparing similar products
d)
Preparing a grocery list before you go to the store and avoiding buying items that aren’t on the list
10.
Which description is most accurate for a Zero-Based Budget?
a)
You put every dollar of your net pay into a budget category each month
b)
You spend your checking account balance down to $0 every month
c)
You spend your saving account balance down to $0 every month
d)
You pay every one of your debts down to $0 every month
11.
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?
a)
Groceries and eating out
b)
Rent
c)
Cell phone bill
d)
Bedroom furniture
12.
Danaisha does all her grocery shopping at organic markets and has a monthly grocery bill of $325. Charles says that Danaisha 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?
a)
Danaisha, because she is focusing on her health, which will have a guaranteed payoff in the long run
b)
Charles, because he's taking efforts to save money by focusing on his needs only
c)
Both, because needs vs wants are determined on an individual basis
d)
Neither, because they should meet in the middle somewhere. Charles should focus more on health, and Danaisha should cut her spending.
13.
When living in a rural area, you are most likely to…
a)
Rely heavily on public transportation like buses and trains for daily commuting
b)
Often walk or bike to most destinations due to close proximity of amenities
c)
Frequently use ride-sharing services for everyday travel
d)
Depend mostly on personal vehicles, such as cars or motorcycles, for transportation
14.
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:
a)
A budget can help you identify any bad spending habits
b)
Using a budget can allow you to work towards your financial goals
c)
Having a budget can help you create an emergency fund
d)
Having a budget is a requirement for obtaining a mortgage
15.
Which one of these expenses most likely represents a VARIABLE cost in someone's budget?
a)
Electricity bill
b)
Rent
c)
Car insurance premium
d)
Student loan payment
16.
What action corresponds to the advice "Pay yourself first?"
a)
Wait until the end of the month to determine how much you have leftover to save
b)
Set aside a fraction of your paycheck into a savings account before you start spending
c)
Spend your regular paycheck on needs and wants but funnel any extra money into saving
d)
Become self-employed so you're paying yourself instead of being paid by an employer
17.
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?
a)
Can I afford this laptop right now?
b)
Is this the right time to buy this laptop or will it likely be on sale later?
c)
What model laptop is trendy right now with people my age?
d)
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?
18.
Which of the following accurately describes the envelope budgeting strategy?
a)
Putting cash for different spending categories into separate envelopes and only spending what's in each envelope
b)
Regularly buying investments like stocks or bonds with a certain amount of money each month
c)
Saving a small part of your income every week to buy something big at the end of the year
d)
Keeping a written record of all of the money you receive and spend in a notebook to see where your money goes
19.
One way the grocery store tricks you into spending more money than you budgeted for is...
a)
Being open early in the morning and late at night
b)
Paying their cashiers and baggers more
c)
Putting high priced items at eye level and lower cost items above or below eye level
d)
Accepting digital and print coupons
20.
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?
a)
Yes, these are the three costs she should expect to pay once she is a car owner
b)
No, she does not need to include the cost of auto insurance as it is included in her auto loan payment.
c)
No, she needs to factor in other costs such as maintenance, emergency repairs, etc.
d)
No, she does not need to include the cost of gas as it is covered under her auto insurance policy
21.
Which statement accurately describes how the 50/20/30 Rule would break down your take-home pay?
a)
50% on wants, 20% on saving, and 30% on needs
b)
50% on saving, 20% on needs, and 30% on wants
c)
50% needs, 20% on saving, and 30% on wants
d)
50% on saving, 20% on wants, and 30% on needs
22.

You work part-time at a clothing store earning $12/hour. You typically work 4 days a week with an average of 6 hours per shift, but this week you had to pick up an extra shift. If you worked a total of 30 hours this week, including the extra shift, how much did you earn before taxes?

(a)  

23.

Your monthly income is $3,200. You know you need to allocate 20% towards savings and 50% towards fixed expenses (rent, utilities, etc.). After these allocations, how much is left over for variable expenses (groceries, entertainment, etc.)?

(a)  

24.

You are planning to buy a new phone that costs $800. You can put a 20% down payment on the phone and finance the rest in monthly installments. If the down payment is calculated before tax and on the FULL PURCHASE PRICE of the phone, and the sales tax on the phone is 8%, what is the total amount you will need to pay upfront (down payment + tax on the full purchase price)?

(a)  

25.

You typically spend $60 per week on groceries. This week, due to a sale, your grocery bill came out to $54. If groceries are 10% of your total budget, what is your total budgeted amount for the week?

(a)  

26.

Eating out costs about $12 per meal. You typically eat out 3 times per week. You're considering cooking more meals at home, where the average cost per meal is $5. How much could you save per week by cooking more at home?

(a)  

27.

You have 3 subscriptions: Apple Music for $9.99/month, Netflix for $14.99/month, and Xbox Game Pass Ultimate for $12.99/month. You're considering bundling all three for a discounted price of $29.99/month from this new company APPMICRETFLIX. Super cool right? Anyway, how much would you save per month by switching to the bundle?

(a)  

28.

You and two friends are planning a 10-day road trip to visit colleges on the West Coast. Here's what you know: Gas: Your car gets an average of 25 miles per gallon (mpg). You estimate driving a total of 2,000 miles round trip. Gas Price: Gas prices can fluctuate, so you decide to budget based on a current price of $3.50 per gallon. Accommodation: You plan to find budget-friendly lodging options for the trip. Hotels average about $40/per night. There are no discounts for multiple nights. Food: You plan to cook most meals yourselves, estimating an average grocery expense total of $35 per day for all three of you. However, you decide to treat yourselves to a restaurant meal every other night, which will cost an estimated $15 per person. Challenge: Calculate the gas cost for the trip. (Hint: You'll need to find the total number of gallons used first) Calculate the total cost for lodging. Calculate the total cost of groceries for the trip. (Hint: Consider the total number of days with grocery expense) Calculate the total cost of restaurant meals. (Hint: Consider the number of restaurant meals AND people) Considering all the above expenses, what is your estimated total budget for the entire road trip?

(a)  

29.
Which of the following scenarios shows someone losing purchasing power due to inflation?
a)
Aafia gets a 2.5% raise and inflation increase prices by 3%
b)
Artie gets a 3% raise and inflation increases prices by 2%
c)
Joanna gets a 4.5% raise and inflation increases prices by 4.5%
d)
Gyasi gets a 5% raise and inflation increases prices by 3.5%
30.
Joanne is buying a new car and her monthly payment is $320. She allocates $350/month towards auto-related costs. What mistake is Joanne making when creating her auto budget?
a)
She is not accounting for the cost of fuel, insurance, maintenance, and other potential expenses beyond her car payment
b)
She is overestimating her budget, as $350 is more than enough to cover all car-related expenses
c)
Joanne should not allocate any budget for auto-related costs other than the monthly payment
d)
The mistake is in buying a new car; she should always opt for a used car
31.

Which of the following is a fixed expense in a typical household budget?

a)

Clothing

b)

Monthly rent

c)

Entertainment

d)

Groceries

32.

What is the primary benefit of creating an emergency fund?

a)

To pay off student loans faster

b)

To cover unexpected expenses without going into debt

c)

To increase monthly spending on leisure activities

d)

To invest in high-risk stocks

33.

What is an expense?

a)

Money that you spend or give away.

b)

Money that you earn.

c)

Money that you put away for later.

34.

Which of the following is an example of a variable expense?

a)

Mortgage payment

b)

Car insurance

c)

Dining out

d)

Internet bill

35.

Which of the following is an example of a fixed expense?

a)

Groceries

b)

Utility bills

c)

Entertainment

d)

Monthly car payment

36.

What is the term for money received from work, investments, or other sources?

a)

Expense

b)

Budget

c)

Income

d)

Savings

37.

When comparing and contrasting savings and investing, which of the following is true?

a)

Saving and investing both help a person stay at their current level of living.

b)

Savings provides the foundation for financial security, while investing is used to pay for long-term goals, such as retirement.

c)

Savings is less liquid than investing

d)

Savings is used to pay for long-term goals, while investing is used to pay for emergencies.

38.

Which of the following is an effective strategy for personal saving?

a)

Wait until the end of the month and save whatever is left in your checking account

b)

Save a certain percentage of each paycheck and deposit it directly into a savings account

c)

Cover all of your wants and needs and save whatever is left over

d)

Take out a payday loan so you can save before you receive your paycheck

39.

Which of the following is a benefit of using a budget?

a)

It guarantees financial success without any effort.

b)

It helps you track your spending and save for future goals.

c)

It eliminates the need for any financial planning.

d)

It allows you to spend freely without any restrictions.

40.

Which of the following is a characteristic of a variable expense?

a)

It is always higher than fixed expenses.

b)

It is a one-time payment.

c)

It fluctuates based on usage or consumption.

d)

It remains the same every month.

41.

Which of the following are needs? Check ALL that apply.

a)

Food

b)

Video Games

c)

Clothing

d)

Car

e)

Microwave Oven

42.

The total amount of money you receive in a paycheck before anything is taken out is called what?

a)

Net Pay/Income

b)

Savings

c)

Income Taxes

d)

Gross Pay/Income

43.

A physical or electronic document that provides details about money earned on a job and deductions made.

a)

Budget

b)

Allowance

c)

Pay Stub

d)

Income

44.

Money that is deducted from a person's income or a company's profits for federal or state purposes.

a)

Income Taxes

b)

Expenses

c)

Bills

d)

Net Pay

45.

A plan for spending and saving income during a set period of time.

a)

401k Retirement Account

b)

Net pay

c)

Budget

d)

Social Security

46.

Which is a saving strategy where you put a fixed amount of money into a savings account immediately after receiving your paycheck instead of seeing what is left after paying for needs and wants?

a)

50/20/30 Rule

b)

Pay Yourself First

c)

Medicaid

d)

Income Taxes

47.

Which one of these expenses most likely represents a VARIABLE cost in someone's budget?

a)
Electricity bill
b)
Rent
c)
Car insurance premium
d)
Student loan payment
48.

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:

a)
A budget can help you identify any bad spending habits
b)
Using a budget can allow you to work towards your financial goals
c)
Having a budget can help you create an emergency fund
d)
Having a budget is a requirement for obtaining a mortgage
49.

Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses?

a)
Dining out at local restaurants
b)
Loan payment on a new car
c)
Expenses for new clothes
d)
Postponing a purchase for a big-screen TV
50.

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?

a)
His gross pay is $2,500 and net pay is $3,000
b)
His gross and net pay are $3,000
c)
His gross and net pay are $2,500
d)
His gross pay is $3,000 and net pay is $2,500
51.

Which description is most accurate for a Zero-Based Budget?

a)
You put every dollar of your net pay into a budget category each month
b)
You spend your checking account balance down to $0 every month
c)
You spend your saving account balance down to $0 every month
d)
You pay every one of your debts down to $0 every month
52.

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?

a)
Groceries and eating out
b)
Rent
c)
Cell phone bill
d)
Bedroom furniture
53.

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?

a)
Freelancers charge a very low hourly rate, so Sadie probably doesn't get paid much
b)
Sadie doesn't have guaranteed work every day, so she needs money in case she goes a while between clients
c)
Sadie will need a large emergency fund in order to make her monthly insurance payments
d)
Sadie's job requires a lot of expensive specialty equipment that will always need replacing
54.

How much money has this employee paid in deductions during this pay period?

a)

$0

b)

$50.00

c)

$692.24

d)

$15,921.52

55.

How much money has this employee earned in gross pay this pay period?

a)

$1,307.76

b)

$2,000.00

c)

$30,078.48

d)

$46,000.00

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