Peyton Only Wk 33 EOL: TEST : Unit 10 Budgeting - Tang Xiong | Library

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Which of the following statements best describes how a person’s location affects their access to transportation options?

Rural and urban residents generally have equal access to public transit

People in rural areas are more reliant on personal vehicles than those in cities

Living near a city center usually means fewer transportation choices

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Luis earns $50,000 annually and chooses to save 25% of his gross income. He aims to build a $25,000 emergency fund. How long will it take to reach his goal?

3 years

2 years

4 years

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To significantly cut back on food expenses, you should…

Drink more soda and coffee to suppress your appetite

Snack more throughout the day instead of eating full meals

Cook meals at home as often as possible

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Maya just finished grad school and is exploring new cities to live in. Which factor is LEAST important for her to consider now?

Employment opportunities

Local grocery options

Average ride-share costs

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Devin lives downtown and wants to save on commuting. Which choice will NOT help reduce his transportation spending?

Biking to his part-time job

Carpooling with coworkers

Buying a car with poor fuel economy

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Which cereal has the lowest unit price?

Box B: $5.10 for 30 oz

Box A: $3.40 for 17 oz

Box D: $4.40 for 8 oz

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Priya completed a summer internship and was paid $3,600. After deductions, her take-home pay was $3,000. Which is accurate?

Gross pay: $3,000; Net pay: $3,600

Gross pay: $3,600; Net pay: $3,000

Gross and Net pay: $3,000

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You’ve just started your first job after college. You take home $2,400/month, but your estimated monthly expenses are $2,550. How would you describe your budget?

Deficit of $2,550

Surplus of $150

Deficit of $150

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You’re applying to rent an apartment. Which of the following will you likely NOT need to provide?

Proof of employment

Security deposit

A personal reference from a friend

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Which of these is NOT a smart grocery budgeting strategy?

Focus solely on the shelf price, not unit price

Make a grocery list and stick to it

Plan meals around sales and pantry items

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What defines a Zero-Based Budget?

Every dollar is assigned a purpose in the budget

All debts are fully paid off monthly

Checking account balance is reduced to zero monthly

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For the past two months, Jerome has gone over his budget by $200. What’s the BEST way to address this?

Sell his car and lease a more expensive one

Reduce retirement contributions by $200

Cut back on dining out and cancel a streaming service

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You’re considering moving into a shared 3-bedroom apartment. Which of these expenses is most likely to go down?

Grocery bill

Cell phone service

Rent

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Naomi shops at high-end grocery stores and spends $330/month. Tony shops at discount markets and spends $180. Who is budgeting “correctly”?

Both—budgeting is based on personal priorities

Tony—he saves by prioritizing needs

Naomi—her health investment is more important

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Which of these is a smart way to improve your budgeting?

Try out different budgeting methods until you find one that fits

Shop based on social media trends

Eat out often to save on groceries

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Which of the following is NOT a reason to create and follow a budget?

Helps identify harmful spending habits

Required for mortgage approval

Helps reach long-term financial goals

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Which of these is most likely a VARIABLE expense?

Monthly rent

Student loan

Electricity bill

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What does “Pay yourself first” mean?

Be self-employed so you control your income

Save a portion of your income before anything else

Only save what's left after spending

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Jackson is debating whether to buy a tablet. Which question should he NOT use to decide if it’s a want or a need?

Is this what most people my age are using?

Is this the best time to buy or should I wait for a sale?

Can I pay in full or will I need credit?

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What’s TRUE about a lease agreement?

It never includes upfront costs

It's only between roommates, not the landlord

It provides details like rent and property rules

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What is accurate about the minimum wage compared to the living wage?

States with higher minimum wages have smaller gaps

In many places, the minimum wage is below the living wage

Minimum wage always exceeds the living wage

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How do stores encourage you to overspend?

Placing expensive items at eye level

Accepting coupons

Paying higher employee wages

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Carmen is budgeting for a new car. She includes the loan, gas, and insurance. What is she missing?

She’s missing potential repair and maintenance costs

Nothing—these are all necessary costs

Insurance is usually included in loans

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According to the 50/20/30 rule, how should your take-home pay be split?

50% wants, 20% savings, 30% needs

50% savings, 20% wants, 30% needs

50% needs, 20% savings, 30% wants

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If you have a limited income, how can you best adjust your budget?

Stop saving altogether

Prioritize essentials and cut non-essentials

Spend more on luxuries to stay motivated