unit 1-budgeting

Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses?

• Dining out at local restaurants

• Loan payment on a new car

• Expenses for new clothes

• Postponing a purchase for a big-screen TV

You earn a salary of $40,000 per year and decide to save 20% of your gross pay. You then set a goal of creating a $16,000 emergency fund. How long will it take for you to achieve your goal?

• 6 months

• 1 year

• 2 years

• 3 years

Which of the following is a sign that you have a budget deficit?

• Your savings account balance grows every month.

• You overdraw your checking account on a consistent basis (with a $34 cost per overdraft).

• Your checking account balance grows every month.

• You pay more than the minimum monthly loan payment towards your student loans.

Leila just graduated from college and is comparing a few different cities to move to. Which of these factors is the LEAST important thing for her to consider right now?

• Average rent for an apartment

• Food and grocery store options in the area

• Employment opportunities

• Average cost of Uber, Lyft, or taxi fare

Greg is trying to decide whether he needs a car or not when he moves to the city. Which of the following would convince Greg to get a car rather than use public transportation?

• There are several public transportation routes between Greg's apartment and work.

• The cost of public transportation is less than Greg’s monthly car payment.

• Greg’s company covers half the cost of his monthly public transportation pass

• Using public transportation, Greg’s commute to work one-way is two hours.

Which of these boxes of cereal has the LOWEST unit price?

• Cereal A, which costs $3.20 for a 16 oz. box.

• Cereal B, which costs $5.00 for a 32 oz. box.

• Cereal C, which costs $2.50 for a 10 oz. box.

• Cereal D, which costs $4.50 for an 8 oz box.

When making a budget, a person’s needs should come before their wants.

• True

• False

It is smart NOT to save monthly for a yearly vacation.

• False

• True

Tags

CCSS.6.RP.A.3B

A financial plan is called a

• budget

• tax

• allowance

• income

If an expense can be cut from your budget to save money, it is considered a ______.

• want

• need

• income

• savings