Q1 Financial Math Final

Dining out at local restaurants

Ongoing loan payment on a car

Expenses for new clothes

Postponing a purchase for a big-screen TV

Cooking your own food at home for as many meals as possible

Dining at restaurants more often so you don't waste water doing dishes

Eating more snacks on the go and way fewer meals at home

Drinking more coffee and soda so you are not as hungry for food

Average rent for an apartment

Food and grocery store options in the area

Employment opportunities

Average cost of Uber, Lyft, or taxi fare

There are several public transportation routes between Greg's apartment and work

The cost of public transportation is less than Greg’s monthly car payment

Greg’s company covers half the cost of his monthly public transportation pass

Using public transportation, Greg’s commute to work one-way is two hours

Cereal A, which costs $3.20 for a 16 oz. box

Cereal B, which costs $5.00 for a 32 oz. box

Cereal C, which costs $2.50 for a 10 oz. box

Cereal D, which costs $4.50 for an 8 oz box

His gross pay is $2,500 and net pay is $3,000

His gross and net pay are $3,000

His gross and net pay are $2,500

His gross pay is $3,000 and net pay is $2,500

You have an extra $125 each month that you can spend on a fun or leisure activity

You can invest a portion of your monthly income into a retirement fund, as your expenses are well within your budget

You need to either cut back on your spending or find an additional source of income to balance your budget

You have room in your budget to make philanthropic donations to your favorite charity

Proof of employment

An acknowledgement you will have a credit check done

First and last month's rent

A security deposit

Focusing on unit price when comparing similar products

Building a weekly meal plan around items you already own or items that are on sale that week, rather than just choosing foods you'd like to eat

Focusing only on the price when comparing similar products

Preparing a grocery list before you go to the store and avoiding buying items that aren’t on the list

Cancel one of his streaming video subscriptions 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

Groceries and eating out

Rent

Cell phone bill

Bedroom furniture

a. Danaisha, because she is focusing on her health, which will have a guaranteed payoff in the long run

b. Charles, because he's taking efforts to save money by focusing on his needs only

c. Both, because needs vs wants are determined on an individual basis

d. Neither, because they should meet in the middle somewhere. Charles should focus more on health, and Danaisha should cut her spending.

a. Rely heavily on public transportation like buses and trains for daily commuting

b. Often walk or bike to most destinations due to close proximity of amenities

c. Frequently use ride-sharing services for everyday travel

d. Depend mostly on personal vehicles, such as cars or motorcycles, for transportation

a. A budget can help you identify any bad spending habits

b. Using a budget can allow you to work towards your financial goals

c. Having a budget can help you create an emergency fund

d. Having a budget is a requirement for obtaining a mortgage

a. Electricity bill

b. Rent

c. Car insurance premium

d. Student loan payment

a. Can I afford this laptop right now?

b. Is this the right time to buy this laptop or will it likely be on sale later?

c. What model laptop is trendy right now with people my age?

d. How am I going to pay for this laptop? If I have to charge it or take out a loan, can I afford the monthly payments?

a. A lease is an agreement between you and your roommates that you submit to the apartment owner.

b. You never have to pay any fees when you sign a lease. If you do, that means it is a scam.

c. A lease often has information about your prior housing experience; it's a record that the apartment owner can use to see if you are a good candidate.

d. A lease is an agreement that includes details about rent, apartment policies, vacating, etc.

a. Being open early in the morning and late at night

b. Paying their cashiers and baggers more

c. Putting high priced items at eye level and lower cost items above or below eye level

a. Yes, these are the three costs she should expect to pay once she is a car owner.

b. No, she does not need to include the cost of auto insurance as it is included in her auto loan payment.

c. No, she needs to factor in other costs such as maintenance, emergency repairs, etc.

d. No, she does not need to include the cost of gas as it is covered under her auto insurance policy.

a. 50% on wants, 20% on saving, and 30% on needs

b. 50% on saving, 20% on needs, and 30% on wants

c. 50% on needs, 20% on saving, and 30% on wants

d. 50% on saving, 20% on wants, and 30% on needs

a. 5%

b. 10%

c. 20%

d. 35%

Payment history and types of accounts

Amounts owed and length of credit history

Payment history and total debt

Length of credit history and new credit inquiries

Salary of your current job

Payment history of your car loan

Credit card payment history

Student loan activity

Reducing spending by canceling some of her streaming subscriptions

Taking extra shifts at work to increase her income

Making more than the minimum required payment on her debt

Applying for another credit card to use in case she runs out of cash paying off her debt

Cancel his credit cards

Make on-time payments

Get a car loan

Check his credit score

The more debt you take on, the higher your credit score.

Debt allows you to buy valuable assets, like a house.

Using debt, you can spend more than you earn.

Debt increases your liabilities, like your credit card balance.

a. Credit reporting agencies (Equifax, Experian, and TransUnion)

b. Federal government

c. Consumer Financial Protection Board (CFPB)

d. Lenders

a. Contact the credit card company to have them fix it

b. Contact the credit reporting agency

c. Wait a few weeks to see if it gets resolved

d. Call the police to report the possible identity theft

a. Wages or tax refunds can be garnished

b. Passport revocation

c. Driver’s license suspension

d. Termination from your job

a. You don’t get penalized for late payments

b. You get a discount on future loans after this one is paid off

c. You have a better chance of getting approved and getting a lower interest rate if the cosigner has good credit

d. You automatically get the same credit score as the cosigner once the loan is paid off

AnnualCreditReport.com

Credit Karma

Credit Wise

Wallet Hub

Only consumers with high scores are approved for credit

Consumers with low scores get lower interest rates on loans than those with high scores

Your credit score can determine whether you are approved for a loan and what the interest rate on that loan will be

It generally has no impact on your financial situation

Test all of her technology including internet connection and audio

Dress as comfortably as possible; since this is a virtual interview, professional dress is not necessary

Ensure she has a clutter-free background

Maintain positive body language during her interview such as good posture and eye contact with the camera

Wait to enroll in a 401(k) for as long as possible.

Stay at each position for at least 7 years.

Continue to develop new skills throughout your career.

Only update your LinkedIn when you’re job hunting.

College graduates always hold higher-paying jobs than high school graduates.

College graduates have higher average lifetime earnings than high school graduates.

Most people don’t graduate with student debt.

After paying tuition, students will have a partial ownership stake in a valuable university.

A self-employed worker

A full-time employee

An intern

A business partner

Attend a conference

Complete a self-assessment

Set up informational interviews

Join a professional association

Coding

Accounting

Carpentry

Adaptability

To list all of your interests

To highlight your work experience and qualifications

To provide a list of references

To show off your social media profiles

All employers offer the same employee benefits, so there is no need to review benefits when you are offered a job

Employee benefits always cost you extra money, so it is important to choose only a select few when accepting a job position

It is possible for a job with a lower salary to have a better total compensation package when employee benefits are included

Jobs offering a higher salary always offer better employee benefits

a. Submit your resume to every job posting, even when you're not really interested in the job.

b. Set up a profile, set filters on which types of jobs you're looking for, and sign up for alerts.

c. Limit your activity on job boards to once or twice a month so you don't get overwhelmed.

d. Search for specific job titles you desire or specific companies you'd like to work for, but not both.

a. You met or exceeded all of your performance targets over the last year.

b. You’ve taken on responsibilities outside of your job description.

c. Your landlord raised your rent and you need more monthly income.

d. You played a key role in advancing a goal of your organization.

a. To pay for medical expenses.

b. To develop new skills relevant to your job.

c. To improve your chances of getting an interview.

d. To save for retirement.

Your first job determines the rest of your career path

Hard skills are more important to employers than soft skills

The same skill set can be applied to different jobs

College is the only way to learn hard skills

You can skip attending networking events and use LinkedIn instead

You can keep up with industry trends and thought leaders on LinkedIn

You can find a job or internship on LinkedIn

You can research potential future employers on LinkedIn

The majority of U.S. workers are in the gig economy

App-based gig work guarantees a higher salary than median full-time employment

App-based gig work makes it easy to start working and set your own hours

Gig work is more likely to offer health insurance and 401(k) benefits than a salaried position

To show that you’re a polite person

To make a lasting impression on each interviewer

To avoid offending anyone

Because it is required for most job interviews

401(k) retirement plan

Health insurance

Paid time off

Company LinkedIn

Finding and buying health insurance

Paying taxes every quarter, instead of every year

Reporting to a manager weekly

Marketing and building a network of clients