Personal Finance 2

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

• Dinning out at local restraints

• Loan payment on a new car

• Posting a purchase for a big-screen TV

• Expenses for new clothes

if you are trying to substantially reduce the amount you spend on food, you should try...

• Dining at restaurants more often so you don't waste water doing dishes

• Eating more snacks on the go and way fewer meals at home

• cooking your own food at home for as many meals as possible

• Drinking more coffee and soda so you are not as hungry for food

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

• 6 months

• 2 months

• 3 years

• 2 years

Lella 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 cost of Uber, Lyft, or taxi fare

• Average rent for a apartment

• Employment opportunities

• Food and grocery store options in the area

Which of these boxes of cereal has the LOWEST unit price

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

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

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

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

Isaiah has a summer internship at a technology company and is paid $3,000. After Federal and state taxes, social security medication are deducted, his take-home pay is $2,500, Which of the statement below is correct

• His gross pay is $2,500 and net pay is $3,000

• His gross pay is $3,000 and net pay is $2,500

• his gross and net pay are $3,000

• his gross and net pay are $2,500

You are putting together your first post-graduation. Your net pay is $2,500 per month and you estimate that your monthly expenses will be $2,625. How would you describe your budget

• You have a deficit of $125

• You have a surplus of $125

• You have a deficit of $2,625

• You have a surplus of $2,500

All the following are good budgeting strategies if you want to save money at the grocery store EXCEPT:

• focusing only on the price when comparing similar products

• Preparing a grocery list before you go to the store and avoiding buying items that aren't on the list

• Focusing on unit price when comparing similar products

• Building a weekly meal plan around items you already own or items that are on sale that week, rather than just choosing foods you'd like to eat

which description is most accurate for a zero-based budget

• you put every dollar of your net pay into a budget category each month

• You spend your saving account balance down to $0 every month

• You spend your checking account balance down to $0 every month

• You pay every one of your debts down to $0 every month

Which statement accurately describes how the 50/20/30 Rule would break down your take-home pay?

• 50% on savings, 20% on needs, and 30% on wants

• 50% on saving, 20% on wants, and 30% on needs

• 50% on wants, 20% on savings, and 30% on needs

• 50% needs, 20% on savings, and 30% on wants