Which of the following reasons would explain why Justin has decided not to own a car?

The walking score in his city is high

He doesn't have access to public transportation

Driving would reduce the time it takes to get to work by 30 minutes

There are numerous car dealerships in his area

Jenna wants to decrease the amount of $ she spends on food. Which of the following would help?

Go to the grocery store with a list

Decide what she will make for dinner that same day

Go to the store whenever she needs 1-2 items

Eat at fast food restaurants multiple times a week

Which of the following is TRUE about unit pricing?

Unit prices can help you compare the prices of similar items

Unit price labels are universal throughout the country

It's easy to compare quantities on a unit price label

All states require unit price labels

In "pay yourself first" budgeting, what's typically the first action after getting paid?

Transfer money to your savings account

What is a "fixed expense" in a budget?

An expense that stays the same each month

An expense that changes each month

An expense you can easily eliminate

An expense that only occurs once a year

Which budgeting approach is most likely to help someone who tends to overspend on impulse purchases?

Using only cash for non-essential spending

Tracking expenses after each purchase

Reviewing expenses at the end of each month

What is a deductible?

The amount you pay before your insurance begins to pay

The cost you and your insurance share

The amount your insurance pays before you pay

The discount you get on your health insurance every year

How can consolidating your student loans help your budget?

Your monthly payment may decrease

You'll pay more in interest over time

You'll be more likely to be eligible for loan forgiveness

Your interest rate is guaranteed to decrease

How does the 50/30/20 rule of thumb for budgeting allocate your income?

50% Needs, 30% Wants, 20% Savings & Debt Repayment

50% Wants, 30% Needs, 20% Savings & Debt Repayment

50% Savings & Debt Repayment, 30% Wants, 20% Needs

50% Needs, 30% Savings & Debt Repayment, 20% Wants

Which of the following is an example of buying something you NEED?

"I want to replace something that is no longer working."

"I want to impress someone/ change how they feel about me."

"I'm feeling down, and I need to boost my spirits."

"I don't want to miss out on these deals during the sale!"

Budgeting

Authored by Next Gen Personal Finance undefined

Life Skills

9th - 12th Grade

CCSS covered

Used 17K+ times

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20 questions

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MULTIPLE CHOICE QUESTION

1 min • 1 pt

How do wages and salary differ?

Wages describe what you earn on an annual basis

Salary describes what you earn on an annual basis

Wages mean you have a standard amount in each paycheck

Salaried employees are likely to be paid for overtime

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Which of the following may NOT always appear on your paycheck stub?

Gross Pay

Net Pay

Your Role/Title

Local Tax

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Which of the following might you pay WHEN you sign your lease?

Finder's fee

Application fee

Security deposit

Renter's insurance

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

7-12%

10-15%

15-20%

25-30%

Which of the following is a step you can take to mitigate the risk of buying a used car?

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

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Budgeting

How do wages and salary differ?

Which of the following are TRUE about gross income and net income?

Which of the following may NOT always appear on your paycheck stub?

It's common to have all of the following expenses BEFORE signing a lease EXCEPT...

Which of the following might you pay WHEN you sign your lease?

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

Which of the following is a step you can take to mitigate the risk of buying a used car?

Which of the following is NOT a cost of owning a car?

Which of the following reasons would explain why Justin has decided not to own a car?

About how much of your income should go towards transportation?

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