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ch. 10 pf
ch.10 pf
| Question | Answer |
|---|---|
| 1. You earn a salary of $40,000 per year and decide to save 20% of your gross pay. You set a goal of creating a $16,000 emergency fund. How long will it take for you to achieve your goal? | 2 years |
| 2. Isaiah has a summer internship at a technology company and is paid $3,000. After Federal and state taxes, Social Security and Medicare are deducted, his take-home pay is $2,500. Which of the statements below is correct. | His gross pay is $3,000 and net pay is $2,500. |
| 3. You’re considering moving into a 3-bedroom apartment with 2 roommates, rather than living on your own post-college. Which of your expenses would likely decrease by having roommates. | Rent |
| 4. Danaisha does all her grocery shopping at organic markets and has a monthly grocery bull of $325. Charles says that finish is wasting her money on wants instead of focusing on needs. He buys in bulk, uses coupons, and ships at save-more for a monthly b | Both because needs and wants are determined on an individual basis. |
| 5. Now that Sanjana is done with college, she is trying to decide whether she should buy a new laptop for herself. She has made a preliminary list of questions she can ask herself to determine of the new laptop is a need or a want. Which of the following | What model of laptop is trendy right now with people my age. |
| 6. Janine is considering what auto costs she is going to have after buying a new car. She has budgeted enough money for the monthly auto loan payment, gas, and auto insurance. Has Janine factored in all the costs associated with car ownership? | No, she needs to factor in other costs such as maintenance, emergency repairs, etc. |
| 7. Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses? | Loan payment on a new car. |
| 8. You are putting together your first post-graduation budget. Your net pay is $2,500 per month and your estimate that your monthly expenses will be $2,625. Which of the following is TRUE? | You need to either need to cut back on your spending or find and additional source of income to balance your budget. |
| 9. You are interested in renting an apartment after graduating college. You meet with the landlord and complete the application. All of the following may need to be provided when you sign your lease EXCEPT. | A bank account |
| 10. You overhear your cousin talking about the importance of creating and sticking to a budget. All of the following are good reasons to create and stick to a budget except? | Having a budget is a requirement for obtaining a mortgage. |
| 11. Which of the following accurately describes the envelope budgeting strategy? | Putting cash for different spending categories into separate envelopes and only spending what’s in each envelope. |
| 12. Which statement accurately describes how the 50/20/30 rules would break down your take home pay? | 50% need, 20% savings, 30% wants |
| 13. If you are trying to substantially reduce the amount you spend on food, you should try? | Cooking your own food at home for as many meals as possible. |
| 14. Greg is trying to decide whether he needs a car when he moves to the city. Which of the following would be a reason for Greg to get a car rather than use public transportation? | Using public transportation Gregs commute to work one way is two hours. |
| 15. For two months in a row, Aaron realized he had gone over budget by roughly $175. Which of these options makes the most sense for him to fic his problem? | Cancel one of his streaming video subscriptions and go out to dinner three fewer times each month with friends. |
| 16. Which of these expenses most likely represents a VARIABLE cost in someone’s budget? | Electricity bill |
| 17. One way the grocery store tricks you into spending more money than you budgeted for is. | Putting high prices items at eye level and lower cost items above or below eye level. |
| 18. A good rule of thumb when budgeting for a home is to expect to make a ______ down payment. | 20% |
| 19. Leila just graduated from college and is comparing a few different cities to move to. Which of these factors is the LEAST important thing for her to consider right now? | The average cost of uber Lyft of taxi fare. |
| 20. All the following are good budgeting strategies if you want to save money at the grocery store EXCEPT. | Focusing only on the price when comparing similar products. |
| 21. What action corresponds to the advice, “pay yourself first?” | Set aside a fraction of your paycheck into a savings account before you start spending. |
| 22. Which of these boxes of cereal has the LOWEST unit price? | Cereal B, which costs $5.00 for a 32 oz. box. |
| 23. Which description is most accurate for a Zero-Based Budget? | You put every dollar of your net pay into a budget category each month. |
| 24. When living in a rural area, are you most likely to? | Depending on a personal vehicle, such as cars or motorcycles for transportation |
| 25. Which of the following is TRUE about a lease agreement? | A lease is an agreement that includes detains about rent, apartment policies, vacating, etc. |
Created by:
Breslyn Jeschke