Fall 24: Money Matters Finals

Front

Which of the following is a fixed expense? a) Groceries, b) Rent, c) Entertainment, d) Clothing

Back

Rent

Front

When creating a budget, what should you prioritize? Options: a) Wants, b) Savings, c) Needs, d) Debts

Back

Needs

Front

What percentage of your income is generally recommended for housing costs?

Back

30%

Front

Which is NOT a factor to consider when choosing a place to live? Options: a) Location, b) Proximity to work/school, c) The color of the walls, d) Safety of the neighborhood

Back

The color of the walls

Front

Which strategy helps save money on groceries? Options: a) Shopping when hungry, b) Buying name brands only, c) Using a meal plan, d) Avoiding grocery lists

Back

Using a meal plan

Front

What is the benefit of buying in bulk?

Back

Long-term savings

Front

What is the first step in financial planning? Options: a) Set financial goals, b) Spend less money, c) Open a credit card, d) Borrow money

Back

Set financial goals

Front

What is the purpose of an emergency fund?

Back

To cover unexpected expenses.

Front

Which of the following is an example of revolving credit? Options: a) Mortgage, b) Car loan, c) Credit card, d) Payday loan

Back

Credit card

Front

What does a secured credit card require?

Back

A security deposit.