Salary and Budgeting Unit Assessment Review

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

Tags

CCSS.7.EE.B.3

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

• 1 year

• 2 years

• 3 years

Tags

CCSS.7.EE.B.3

CCSS.7.EE.B.4

CCSS.7.RP.A.2

CCSS.7.RP.A.3

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

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

• 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

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

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

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 checking account balance down to $0 every month

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

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

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.1

CCSS.7.NS.A.3

Danaisha does all her grocery shopping at organic markets and has a monthly grocery bill of $325. Charles says that Danaisha is wasting her money on wants instead of focusing on needs. He buys in bulk, uses coupons, and shops at Save-More for a monthly bill of $195. Who's budgeting correctly for food?

• Danaisha, because she is focusing on her health, which will have a guaranteed payoff in the long run

• Charles, because he's taking efforts to save money by focusing on his needs only

• Both, because needs vs wants are determined on an individual basis

• Neither, because they should meet in the middle somewhere. Charles should focus more on health, and Danaisha should cut her spending.

Tags

CCSS.7.NS.A.1

CCSS.7.NS.A.3

When living in a rural area, you are most likely to...

• Rely heavily on public transportation like buses and trains for daily commuting

• Often walk or bike to most destinations due to close proximity of amenities

• Frequently use ride-sharing services for everyday travel

• Depend mostly on personal vehicles, such as cars or motorcycles, for transportation

Which one of these expenses most likely represents a VARIABLE cost in someone's budget?

• Electricity bill

• Rent

• Car insurance premium

• Student loan payment

Tags

CCSS.6.EE.B.6

Which of the following is TRUE about a lease agreement?

• A lease is an agreement between you and your roommates that you submit to the apartment owner.

• You never have to pay any fees when you sign a lease. If you do, that means it is a scam.

• A lease often has information about your prior housing experience; it's a record that the apartment owner can use to see if you are a good candidate

• A lease is an agreement that includes details about rent, apartment policies, vacating, etc.

Setting a financial goal(s) can help you create a budget by:

• Providing a clear target to aim for

• Increasing your expenses

• Eliminating the need for savings

• Making budgeting more complicated