IL Unit 2 Test Review

Front

According to the 50/20/30 budgeting rule, 30% of your net pay should be spent on _____.

Back

Discretionary expenses (e.g., gym membership) or Wants

Front

According to the 50/20/30 budgeting rule, 50% of your net pay should be spent on _____.

Back

Essential purchases (e.g., rent) Or Needs

Front

According to the 50/20/30 budgeting rule, 20% of your net pay should be spent on ___?

Back

Savings

Front

After depleting your food fund at Olive Garden, what would be the best option to do? Options: Take the rest out of your vacation fund. Take the rest out of your car payment fund. Take the rest out of your rent fund. Take the rest out of your utilities fund.

Back

Take the rest out of your vacation fund.

Front

Which of the following is defined as: The amount of money you expect to receive after deductions (taxes and benefits)

Back

Net Income

Front

People who rent property.

Back

Tenant

Front

Which of the following is defined as: A term used to reference electric, water, gas, and other services.

Back

Utilities

Front

Which of the following is defined as: the owner of a rental property.

Back

Landlord

Front

What are the 3 parts of a mortgage?

Back

Monthly payment, fees and down payment

Front

Your net pay is $1,000.00. Your rent is $450.00, your car payment is $210.00, and your utilities bill is $90.00. What is the total amount of money you have left over?

Back

$1,000.00 - $450.00 - $210.00 - $90.00 = $250.00