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- 1. Multiple ChoiceWhat is a deficit?When you spend more money than you earnWhen you earn more money than you spendA debt that you need to pay offA bank loan
- 2. Multiple ChoiceWhat is a surplus?An extra charge that goes onto your credit card billWhen you spend more than you earnWhen you earn more money than you spend and have money left overAny income that you earn
- 3. Multiple Choice
Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses?
Dining out at local restaurants
Loan payment on a new car
Expenses for new clothes
Postponing a purchase for a big-screen TV
- 4. Multiple Choice
Aaron realizes he has a budget deficit of roughly $175 at the end of two months in a row. Which of these options makes the most financial sense for him to fix his problem?
Cancel his cable TV subscription and go out to dinner three fewer times each month with friends
Start paying just the minimum monthly payment on his student loan and credit card debt, instead of the extra he's been contributing
Contribute $100 less to savings each month and $75 less to his retirement fund
Sell his current car and get a less expensive vehicle
- 5. Multiple Choice
All of the following factors will impact your monthly car ownership costs EXCEPT…
Your age
The cost of public transportation
The length of your car loan
The purchase price of your car
- 6. Multiple Choice
Which of these monthly expenses could I easily reduce?
Eating out
Car payment
Rent
Utilities
- 7. Multiple Choice
Net pay is your...
Income before taxes are taken out
Your income that you take home after taxes
Your income before state and local taxes
Your income before 401k and HSA
- 8. Multiple Choice
I make $20/hour and 40 hours per week. I work 50 weeks a year.
What is my annual gross pay?
$800
$40,000
$41,600
$50,000
- 9. 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
- 10. 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)
- 11. 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!"
- 12. Multiple Choice
7.The total amount of money an individual has earned before taxes are taken out.
Net Income
Checking Account
Gross Income
Overdraft
- 13. Multiple Choice
Which is NOT an expense of owning a car?
Repairs & maintenance
Gasoline
License & registration fees
Utilities
- 14. Multiple Choice
You're considering moving into a 3 bedroom apartment with 2 roommates, rather than living on your own post-college. Mark which of YOUR expenses would likely decrease by having roommates.
Groceries and eating out
Rent
Cell phone bill
Bedroom furniture
- 15. Multiple Choice
"pay yourself first" means you should assign a portion of your income to saving and investing every month BEFORE budgeting the rest of your income
True
False
- 16. Multiple Choice
You are putting together your first post-graduation budget. Your take-home pay will be $2,500 per month. You estimate your monthly costs to be rent of $800, car payment of $350, car insurance of $150, car maintenance of $50, entertainment of $500, food expense of $250, cable bill of $75, mobile phone of $100, student loan payment of $100 and other expense of $300. How would you describe your budget after analyzing all of your income and expenses?
You have a surplus of $175.
You have a deficit of $175.
You have a deficit of $2,675.
You have a surplus of $2,500.
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