Budgeting - Assessment

1.

Multiple Choice

1 min

1 pt

How do wages and salary differ?

Wages describe what you earn on an annual basis

Salary describes what you earn on an annual basis

Wages mean you have a standard amount in each paycheck

Salaried employees are likely to be paid for overtime

2.

Multiple Choice

30 sec

1 pt

Which of the following are TRUE about gross income and net income?

They are the same thing

Gross income is the total amount earned AFTER deductions

Gross income is the total amount earned BEFORE deductions

Net income is the total amount earned BEFORE deductions

3.

Multiple Choice

30 sec

1 pt

Which of the following may NOT always appear on your paycheck stub?

Gross Pay

Net Pay

Your Role/Title

Local Tax

4.

Multiple Choice

30 sec

1 pt

It's common to have all of the following expenses BEFORE signing a lease EXCEPT...

Renter's Insurance

Application fee

Application deposit

Apartment hunting expenses

5.

Multiple Choice

30 sec

1 pt

Which of the following might you pay WHEN you sign your lease?

Finder's fee

Application fee

Security deposit

Renter's insurance

6.

Multiple Choice

30 sec

1 pt

According to a rule of thumb, rent shouldn't take up more than ___ % of your take-home pay.

7-12%

10-15%

15-20%

25-30%

7.

Multiple Choice

30 sec

1 pt

Which of the following is a step you can take to mitigate the risk of buying a used car?

Get a vehicle history report

Have a mechanic inspect the car after you buy it

Skip the test drive; you have time after you buy it to drive

Buy a more expensive vehicle to ensure quality

8.

Multiple Choice

30 sec

1 pt

Which of the following is NOT a cost of owning a car?

License and Registration fees

Gasoline

Utilities

Insurance

9.

Multiple Choice

30 sec

1 pt

Which of the following reasons would explain why Justin has decided not to own a car?

He doesn't have access to public transportation

The walking score in his city is high

Driving would reduce the time it takes to get to work by 30 minutes

There are numerous car dealerships in his area

10.

Multiple Choice

1 min

1 pt

About how much of your income should go towards transportation?

5-10%

15-20%

25-30%

35-40%

11.

Multiple Choice

30 sec

1 pt

Jenna wants to decrease the amount of $ she spends on food. Which of the following would help?

Decide what she will make for dinner that same day

Go to the grocery store with a list

Go to the store whenever she needs 1-2 items

Eat at fast food restaurants multiple times a week

12.

Multiple Choice

30 sec

1 pt

Which of the following is TRUE about unit pricing?

Unit prices can help you compare the prices of similar items

Unit price labels are universal throughout the country

It's easy to compare quantities on a unit price label

All states require unit price labels

13.

Multiple Choice

30 sec

1 pt

A 18oz box of cereal costs $4.99. How would you calculate the unit price?

18oz / $4.99

9 oz / $2.50

$4.99 / 18oz

(18oz) x ($4.99)

14.

Multiple Choice

30 sec

1 pt

In "pay yourself first" budgeting, what's typically the first action after getting paid?

Pay your rent or mortgage

Buy groceries for the week

Transfer money to your savings account

Pay off credit card balances

15.

Multiple Choice

1 min

1 pt

What is a "fixed expense" in a budget?

An expense that changes each month

An expense that stays the same each month

An expense you can easily eliminate

An expense that only occurs once a year

16.

Multiple Choice

45 sec

1 pt

Which budgeting approach is most likely to help someone who tends to overspend on impulse purchases?

Tracking expenses after each purchase

Using only cash for non-essential spending

Automating all bill payments

Reviewing expenses at the end of each month

17.

Multiple Choice

30 sec

1 pt

What is a deductible?

The cost you and your insurance share

The amount your insurance pays before you pay

The discount you get on your health insurance every year

The amount you pay before your insurance begins to pay

18.

Multiple Choice

30 sec

1 pt

How can consolidating your student loans help your budget?

You'll pay more in interest over time

You'll be more likely to be eligible for loan forgiveness

Your monthly payment may decrease

Your interest rate is guaranteed to decrease

19.

Multiple Choice

30 sec

1 pt

How does the 50/30/20 rule of thumb for budgeting allocate your income?

50% Needs, 30% Wants, 20% Savings & Debt Repayment

50% Wants, 30% Needs, 20% Savings & Debt Repayment

50% Savings & Debt Repayment, 30% Wants, 20% Needs

50% Needs, 30% Savings & Debt Repayment, 20% Wants

20.

Multiple Choice

30 sec

1 pt

Which of the following is an example of buying something you NEED?

"I want to replace something that is no longer working."

"I want to impress someone/ change how they feel about me."

"I'm feeling down, and I need to boost my spirits."

"I don't want to miss out on these deals during the sale!"

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