Unit 10 Review: Budgeting

Front

How do wages and salary differ?

Back

Salary describes what you earn on an annual basis.

Front

Which of the following are TRUE about gross income and net income? They are the same thing, Gross income is the total amount earned AFTER deductions, Gross income is the total amount earned BEFORE deductions, Net income is the total amount earned BEFORE deductions

Back

Gross income is the total amount earned BEFORE deductions

Front

Which of the following may NOT always appear on your paycheck stub? Gross Pay, Net Pay, Your Role/Title, Local Tax

Back

Your Role/Title

Front

It's common to have all of the following expenses BEFORE signing a lease EXCEPT... Renter's Insurance, Application fee, Application deposit, Apartment hunting expenses

Back

Renter's Insurance

Front

Which of the following might you pay WHEN you sign your lease? Finder's fee, Application fee, Security deposit, Renter's insurance

Back

Security deposit

Front

According to a rule of thumb, rent shouldn't take up more than ___ % of your take-home pay.

Back

25-30%

Front

Which of the following would typically NOT be covered under renter's insurance? A friend slips and twists his ankle in your living room, Your apartment is broken into and your laptop is stolen, A fire destroys 80% of your belongings, Your apartment is flooded, destroying your furniture

Back

Your apartment is flooded, destroying your furniture

Front

Which of the following is a step you can take to mitigate the risk of buying a used car?
Options:
Get a vehicle history report,
Have a mechanic inspect the car after you buy it,
Skip the test drive; you have time after you buy it to drive,
Buy a more expensive vehicle to ensure quality

Back

Get a vehicle history report

Front

Which of the following is NOT a cost of owning a car? License and Registration fees, Gasoline, Utilities, Insurance

Back

Utilities

Front

Which of the following reasons would explain why Justin has decided not to own a car?
Options:
He doesn't have access to public transportation,
The walking score in his city is high,
Driving would reduce the time it takes to get to work by 30 minutes,
There are numerous car dealerships in his area

Back

The walking score in his city is high