Budgeting
2 years ago
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20 QuestionsShow answers
  • Question 1
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    Q.

    How do wages and salary differ?

    answer choices

    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

  • Question 2
    30 seconds
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    Q.

    Which of the following are TRUE about gross income and net income? (hint: choose 2 correct answers)

    answer choices

    Gross income and net income are the same

    Net income is sometimes called "take home pay"

    Gross income is the total amount earned before deductions

    Net income is the total amount earned before deductions

  • Question 3
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    Q.

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

    answer choices

    Gross Pay

    Net Pay

    Your Role/Title

    Local Tax

  • Question 4
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    Q.

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

    answer choices

    Renter's Insurance

    Application fee

    Application deposit

    Apartment hunting expenses

  • Question 5
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    Q.

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

    answer choices

    Finder's fee

    Application fee

    Security deposit

    Renter's insurance

  • Question 6
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    Q.

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

    answer choices

    7-12%

    10-15%

    15-20%

    25-30%

  • Question 7
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    Q.

    Which of the following would typically NOT be covered under renter's insurance?

    answer choices

    A friend slips and twists his ankle in your living room

    Your apartment is broken into and your laptop is stolen

    A fire destroys 80% of your belongings

    Your apartment is flooded, destroying your furniture

  • Question 8
    30 seconds
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    Q.

    Which of the following is a step you can take to mitigate the risk of buying a used car? (hint: choose 2 correct answers)

    answer choices

    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

    But a certified, pre-owned car from the dealer

  • Question 9
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    Q.

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

    answer choices

    License and Registration fees

    Gasoline

    Utilities

    Insurance

  • Question 10
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    Q.

    Which of the following reasons would explain why Justin has decided to forgo owning a car? (hint: choose 2 correct answers)

    answer choices

    Public transportation infrastructure does not exist

    The walking score in his city is high

    He only has his driver's permit

    There are numerous car dealerships in his area

  • Question 11
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    Q.

    About how much of your income should go towards transportation?

    answer choices

    5-10%

    15-20%

    25-30%

    35-40%

  • Question 12
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    Q.

    Jenna wants to decrease the amount of $ she spends on food. Which of the following would help? (hint: choose 2 correct answers)

    answer choices

    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

    Keep staple foods (e.g. beans, rice) readily stocked

  • Question 13
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    Q.

    Which of the following is TRUE about unit pricing?

    answer choices

    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

  • Question 14
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    Q.

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

    answer choices

    18oz / $4.99

    9 oz / $2.50

    $4.99 / 18oz

    (18oz) x ($4.99)

  • Question 15
    20 seconds
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    Q.

    6 cans of tomato soup cost $14.99. What is the unit price?

    answer choices

    About $1.50

    About $2.50

    About $3

    About $3.50

  • Question 16
    20 seconds
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    Q.

    Jabar broke his leg while riding his bike. How does having health insurance help him?

    answer choices

    Jabar will likely have to pay $0 towards his medical costs

    Jabar will likely have to cover 100% of his medical costs

    Jabar will likely owe a portion of his medical costs

    Having health insurance makes no difference

  • Question 17
    20 seconds
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    Q.

    What is a deductible?

    answer choices

    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

  • Question 18
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    Q.

    How can consolidating your student loans help your budget? (hint: choose 2 correct answers)

    answer choices

    You'll pay more in interest over time

    You can manage your money more easily since you're making just one payment

    Your monthly payment may decrease

    Your interest rate is guaranteed to decrease

  • Question 19
    20 seconds
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    Q.

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

    answer choices

    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

  • Question 20
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    Q.

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

    answer choices

    "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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