Budgeting 101

Budgeting 101

Assessment

Flashcard

Social Studies

12th Grade

Hard

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22 questions

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1.

FLASHCARD QUESTION

Front

If you are trying to substantially reduce the amount you spend on food, you should try...

Back

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

2.

FLASHCARD QUESTION

Front

You are interested in renting an apartment for your senior year in college. You meet with the landlord, complete the application, and after checking your credit background and references, the landlord approves your application. In most cases, you will need to provide the landlord with _______ at the time you sign the lease to get the apartment.

Back

First month's rent and a security deposit

3.

FLASHCARD QUESTION

Front

For most Americans, which budget expense category is largest? Housing, Food, Transportation, Clothes

Back

Housing

4.

FLASHCARD QUESTION

Front

You're considering moving into a 4-bedroom apartment with 3 roommates rather than living on your own post-college. Which of your expenses would likely DECREASE by having roommates?

Back

Internet bill

5.

FLASHCARD QUESTION

Front

Which description is most accurate for a Zero-Based Budget? Options: You put every dollar of your take-home pay into a budget category each month, You spend your checking account balance down to $0 every month, You spend your saving account balance down to $0 every month, You pay every one of your debts down to $0 every month

Back

You put every dollar of your take-home pay into a budget category each month

6.

FLASHCARD QUESTION

Front

How is gross pay different than net pay?

Back

Gross pay is the total you earned, while net pay has taxes deducted.

7.

FLASHCARD QUESTION

Front

Which one of these expenses most likely represents a VARIABLE cost in someone's budget?
Options: Electricity bill, Rent, Car insurance premium, Student loan payment

Back

Electricity bill

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