Budgeting

Front

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

Back

Gross income is the total amount earned BEFORE deductions

Front

Which of the following might you pay WHEN you sign your lease? Finder's fee, Application fee, Security deposit, Renter's insurance

Back

Security deposit

Front

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

Back

25-30%

Front

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

Back

Get a vehicle history report

Front

Which of the following is NOT a cost of owning a car? License and Registration fees, Gasoline, Utilities, Insurance

Back

Utilities

Front

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

Back

Unit prices can help you compare the prices of similar items

Front

A 18oz box of cereal costs $4.99. How would you calculate the unit price?

Back

$4.99 / 18oz

Front

What is a "fixed expense" in a budget?

Back

An expense that stays the same each month

Front

Which budgeting approach is most likely to help someone who tends to overspend on impulse purchases? Options: Tracking expenses after each purchase, Using only cash for non-essential spending, Automating all bill payments, Reviewing expenses at the end of each month

Back

Using only cash for non-essential spending

Front

Which of the following is an example of buying something you NEED? Options: "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!"

Back

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