Budgeting 101

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

• License and Registration fees

• Gasoline

• Utilities

• Insurance

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

• 18oz / $4.99

• 9 oz / $2.50

• $4.99 / 18oz

• (18oz) x ($4.99)

The primary purpose of a personal monthly budget..

• helps you live within your means

• guides you in spending your gross income

• allows you to overspend each month

• has no real value

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

• Gross Pay

• Net Pay

• Your Role/Title

• Local Tax

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

The 1st category on your monthly budget..

• #PayYourselfFirst:}

• rent

• transportation

• food

YOUR monthly budget

• should be calculated using your Gross income

• should be based on your Net income

• is both your Gross & Net incomes

• should not include non-salary income

You broke your leg while riding your skateboard. How does having health insurance help you?

• you will likely have to pay $0 towards your medical costs

• you will likely have to cover 100% of your medical costs

• your will likely owe a portion of your medical costs

• Having health insurance makes no difference

Which is not a benefit of using a monthly personal budget?

• allow you to live beyond your means

• remain debt free

• monitor your income

• organize your financial records

Your monthly budget should focus primarily on

• wants

• needs

• income

• savings