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

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2

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

Living near a city center usually means fewer transportation choices

Rural and urban residents generally have equal access to public transit

Access to transportation modes is consistent across all regions

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

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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?

4 years

2 years

1 year

3 years

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To significantly cut back on food expenses, you should…

Snack more throughout the day instead of eating full meals

Cook meals at home as often as possible

Drink more soda and coffee to suppress your appetite

Go to restaurants more so you don’t use electricity at home

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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?

Local grocery options

Median apartment rent

Average ride-share costs

Employment opportunities

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

Using public transportation to meet friends

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 C: $2.75 for 11 oz

Box B: $5.10 for 30 oz

Box D: $4.40 for 8 oz

Box A: $3.40 for 17 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: $3,600; Net pay: $3,000

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

Gross and Net pay: $3,000

Gross and Net pay: $3,600

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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 $150

Surplus of $150

Surplus of $2,550

Deficit of $2,550

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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

A personal reference from a friend

Security deposit

First and last month’s rent

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Which of these is NOT a smart grocery budgeting strategy?

Make a grocery list and stick to it

Plan meals around sales and pantry items

Compare unit prices when choosing between products

Focus solely on the shelf price, not unit price

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What defines a Zero-Based Budget?

Savings account is emptied each month

Checking account balance is reduced to zero monthly

Every dollar is assigned a purpose in the budget

All debts are fully paid off 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?

Reduce retirement contributions by $200

Stop paying extra on credit card debt

Cut back on dining out and cancel a streaming service

Sell his car and lease a more expensive one

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

Personal hygiene products

Cell phone service

Rent

Grocery bill

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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

Neither—they should find a middle ground

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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

Ignore your budget during months with high spending

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?

Encourages building an emergency fund

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?

Car insurance

Monthly rent

Electricity bill

Student loan

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What does “Pay yourself first” mean?

Spend on wants first, then save

Be self-employed so you control your income

Only save what's left after spending

Save a portion of your income before anything else

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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?

Can I afford this now without borrowing?

Can I pay in full or will I need credit?

Is this what most people my age are using?

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

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What’s TRUE about a lease agreement?

It’s only used to show your housing history

It provides details like rent and property rules

It's only between roommates, not the landlord

It never includes upfront costs

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

Both are equal in most regions

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

States with higher minimum wages have smaller gaps

Minimum wage always exceeds the living wage

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How do stores encourage you to overspend?

Placing expensive items at eye level

Offering longer store hours

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

Gas is covered by insurance

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% savings, 20% wants, 30% needs

50% needs, 20% savings, 30% wants

50% savings, 30% wants, 20% needs

50% wants, 20% savings, 30% needs

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

Stop saving altogether

Take frequent loans to cover bills

Spend more on luxuries to stay motivated

Prioritize essentials and cut non-essentials