Reduced Wk 33 Unit 10 Budgeting TEST - 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?

Rural and urban residents generally have equal access to public transit

Living near a city center usually means fewer transportation choices

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

3 years

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To significantly cut back on food expenses, you should…

Cook meals at home as often as possible

Snack more throughout the day instead of eating full meals

Drink more soda and coffee to suppress your appetite

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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

Employment opportunities

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?

Carpooling with coworkers

Buying a car with poor fuel economy

Biking to his part-time job

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Which cereal has the lowest unit price?

Box A: $3.40 for 17 oz

Box B: $5.10 for 30 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 and Net pay: $3,000

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

Gross pay: $3,600; 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?

Surplus of $150

Deficit of $2,550

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?

Security deposit

A personal reference from a friend

Proof of employment

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Which of these is NOT a smart grocery budgeting strategy?

Plan meals around sales and pantry items

Make a grocery list and stick to it

Focus solely on the shelf price, not unit price

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What defines a Zero-Based Budget?

Every dollar is assigned a purpose in the budget

Checking account balance is reduced to zero monthly

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?

Cut back on dining out and cancel a streaming service

Sell his car and lease a more expensive one

Reduce retirement contributions by $200

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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

Rent

Cell phone service

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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”?

Naomi—her health investment is more important

Tony—he saves by prioritizing needs

Both—budgeting is based on personal priorities

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

Shop based on social media trends

Try out different budgeting methods until you find one that fits

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?

Required for mortgage approval

Helps reach long-term financial goals

Helps identify harmful spending habits

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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

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?

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

Can I pay in full or will I need credit?

Is this what most people my age are using?

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What’s TRUE about a lease agreement?

It never includes upfront costs

It provides details like rent and property rules

It's only between roommates, not the landlord

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

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

Minimum wage always exceeds the living wage

States with higher minimum wages have smaller gaps

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How do stores encourage you to overspend?

Accepting coupons

Paying higher employee wages

Placing expensive items at eye level

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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% needs, 20% savings, 30% wants

50% wants, 20% savings, 30% needs

50% savings, 20% wants, 30% needs

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

Prioritize essentials and cut non-essentials

Spend more on luxuries to stay motivated

Stop saving altogether