WorksheetsRamsey - Chapter 11 - Lesson 1 (Quiz)
Total questions: 20
Worksheet time: 10mins
Why is it important to understand the cost of living when living on your own?
To know how much to spend on luxury items
To understand budgeting and developing good money habits
To avoid paying taxes
To increase your income
What is a challenge of living off campus?
No need to pay rent
No transportation expenses
Paying rent and utilities, and doing your own grocery shopping
Free internet access
What should you do when you join the workforce and cannot afford to buy a home?
Buy a luxury car
Rent a place that’s affordable and close to your work
Travel frequently
Invest in stocks
What is a key consideration when planning to enter the military after high school?
The type of car you will drive
The branch of service and your rank
The number of vacations you can take
The amount of luxury items you can buy
What is a potential expense when living off campus?
Free meals
No need for transportation
Gas, insurance, and maintenance
Free utilities
What is a key term related to financial struggles due to homeownership costs?
Wealthy
House Poor
Financially Free
Debt-Free
What is a key aspect of living on your own according to the document?
Ignoring budgeting
Understanding the cost of living
Spending freely
Avoiding all expenses
What is one of the key money principles mentioned in the course?
Spend more than you make
Avoid budgeting
Stay out of debt
Ignore savings
Which of the following is NOT listed as a cost of living on your own?
Security Deposit
Vacation Expenses
Utilities Setup
Groceries
According to the text, what percentage of homeowners in 2018 had a paid-off mortgage or never had a mortgage?
25%
41%
50%
60%
Which of the following is an important step before signing a lease for an apartment?
Moving in without a contract
Paying rent in cash only
Reviewing the terms and conditions carefully
Ignoring the rental agreement
What is a common financial responsibility when living independently for the first time?
Getting free transportation
Skipping grocery shopping
Relying on free housing
Paying for your own utilities
When budgeting for life after high school, which expense should you plan for?
Housing, food, and transportation
Luxury vacations
None of the above
Entertainment only
Which of the following is a typical monthly expense when living independently?
Concert tickets
Birthday gifts
Rent
Lottery tickets
What is an important reason to create a budget before moving out on your own?
To ignore financial planning
To spend more on entertainment
To ensure you can cover all necessary expenses
To avoid paying any bills
Which of the following best describes 'house poor'?
Having no housing expenses
Living rent-free
Owning multiple homes
Spending most of your income on housing costs
The amount of time you have to pay back a loan
Principal
Term
Interest
Opportunity Cost
Independent federal agency that insures deposits in credit unions up to $250,000
Federal Deposit Insurance Corporation (FDIC)
National Credit Union Administration (NCUA)
National Credit Union Oversite Committee (NCUO)
Federal Bureau of Banking and Investing (FBBI)
Where can you download a 1040 tax form?
irs.gov
usa.gov
1040.gov
usda.gov
What is the name of the form that you will need complete after you are hired? Hint: It will determine how much to withhold from your paycheck.
Form W-2
Form W-4
Form 1040
Form 1099
