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- 1. Multiple Choice
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
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
Which of the following may NOT always appear on your paycheck stub?
Gross Pay
Net Pay
Your Role/Title
Local Tax
- 4. Multiple Choice
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
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
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
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
Which of the following is NOT a cost of owning a car?
License and Registration fees
Gasoline
Utilities
Insurance
- 9. Multiple Choice
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
About how much of your income should go towards transportation?
5-10%
15-20%
25-30%
35-40%
- 11. Multiple Choice
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
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
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
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
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
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
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
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
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
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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