Which of these items would most people agree to be a NEED?

Safe, reliable childcare for a single parent so they can go to work

One benefit of buying a car vs. leasing is...

You can build up trade-in or resale value

One way the grocery store tricks you into spending more money than you budgeted for is...

Putting high priced items at eye level and lower cost items below eye level

You hear your cousin talking about creating a budget. All of the following are good reasons to create a budget EXCEPT:

Having a budget is a requirement for obtaining a mortgage

Melvin uses an Envelope Budget. He receives his paycheck. How much cash shoud he take out to put into his envelopes?

Enough to cover his variable expenses.

Leila just graduated and is comparing different cities to move to.Which of these factors is the LEAST important thing fo

Average cost of Uber, Lyft, or taxi fare

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

All of 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

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

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

Isaiah is paid $3,000 for an internship. After taxes his take-home is $2500. Which of the statements is correct?

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

One benefit of buying a USED car is...

Lower acquisition (buying) price

Month after month, Jessica is overspending in her budget. Which action would you recommend she take immediately.

Start packing her lunch from home every day instead of dining out.

What action corresponds to the advice "Pay yourself first?"

Set aside part of your paycheck into savings before you start spending

The landlord approves your application. You will need to provide the landlord with____at the time you sign the lease.

First month's rent and a security deposit.

Which location is likely to have the HIGHEST cost of living?

City: growing healthcare sector, pro sports team,good public transportation

For 2 months in a row, Aaron has a budget deficit of roughly $175. Which of these makes sense for him to fix the prob?

Cancel one of his video subs and go out to dinner 3 fewer times each month

Greg is trying to decide if he needs a car when he moves to the city. Which would be a reason for Greg to get a car?

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

Which of the following is TRUE about a lease agreement?

A lease is an agree that includes details about rent, apart policies, etc

Sante wants to buy a laptop. She made a list of questions to see if the laptop is a want/need. What could she eliminate?

What model laptop is trendy right now with people my age?

Jo wants to buy a car. She has enough money for loan payments, gas and ins. Has she factored in all costs for the car?

No, she needs to factor in other costs such as maint, emerg repairs, etc.

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

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

Which description is most accurate for a Zero-Based Budget?

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

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Questions 31

Answers

1
You're moving into a 3 bed-apart with 2 roomies. Which of your expenses would likely decrease with roomies?
Rent
Cell phone bill
Bedroom furniture
Groceries and eating out
2
Which one of these expenses most likely represents a VARIABLE cost in someone's budget?
Student loan payment
Car insurance premium
Electricity bill
Rent
3
Which of these items would most people agree to be a NEED?
Safe, reliable childcare for a single parent so they can go to work
Stylish clothes so you fit in at school
Three weeks vacationfor a corporate executive so they can unwind from work.
A new cell phone every two years
4
If Linus is following a 50/30/20 budget and takes home $1,000 per pay, how much is he budgeting for his WANTS?
$1,000
$200
$300
$500
5
For most Americans, which budget expense category is the largest?
Housing
Transportation
Taxes
Food
6
Which of your expenses would likely decrease by having roommates?
Student loan payment
Internet bill
Cell phone bill
Renter's Insurance
7
One benefit of buying a car vs. leasing is...
The car will have better safety ratings
You can build up trade-in or resale value
You're always protected by a warranty
You'll have higher monthly payments than a lease
8
One way the grocery store tricks you into spending more money than you budgeted for is...
Putting high priced items at eye level and lower cost items below eye level
Paying their cashiers and baggers more
Being open early in the morning and late at night
Accepting digital and print coupons
9
You hear your cousin talking about creating a budget. All of the following are good reasons to create a budget EXCEPT:
A budget can help you identify any bad spending habits
Using a budget can allow you to work towards your financial goals
Having a budget can help you create an emergency fund
Having a budget is a requirement for obtaining a mortgage
10
Melvin uses an Envelope Budget. He receives his paycheck. How much cash shoud he take out to put into his envelopes?
None--he is trying to save money
Enough to cover his variable expenses.
Enough to cover his fixed expenses
A tiny bit to spend on wants-he can always return to the ATM if he runs out
11
Leila just graduated and is comparing different cities to move to.Which of these factors is the LEAST important thing fo
Average rent for an apartment
Food and grocery store options in the area
Employment opportunities
Average cost of Uber, Lyft, or taxi fare
12
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
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
Eating more snacks on the go and way fewer meals at home
13
All of 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
Make a meal plan with items you own or items that are on sale that week.
Focusing on unit price when comparing similar products
Prep a list before you go to the store and avoid that aren’t on the list
14
Which of these boxes of cereal has the LOWEST unit price?
Cereal C, which costs $2.50 for a 10 oz. box
Cereal D, which costs $4.50 for an 8 oz box
Cereal A, which costs $3.20 for a 16 oz. box
Cereal B, which costs $5.00 for a 32 oz. box
15
You rent an apart. You meet with the landlord to do the application. All of the following may need to be provided EXCEPT
First and last month's rent
A security deposit
A bank account
Proof of employment
16
Isaiah is paid $3,000 for an internship. After taxes his take-home is $2500. Which of the statements is correct?
His gross pay is $3,000 and net pay is $2,500.
His gross and net pay are $2,500
His gross pay is $2,500 and net is $3,000
His gross and net pay are $3,000
17
One benefit of buying a USED car is...
Lower maintenance and gas costs
Lower acquisition (buying) price
Limited/No warranty
More depreciation
18
Month after month, Jessica is overspending in her budget. Which action would you recommend she take immediately.
Stop paying her credit card bill and put the money into savings.
Start packing her lunch from home every day instead of dining out.
Quit her job so she can look for one that pays more.
Write a new lease so she is paying 25% less in rent each month
19
What action corresponds to the advice "Pay yourself first?"
Become self-employed so you pay yourself instead of being paid by an emp
Set aside part of your paycheck into savings before you start spending
Wait until the end of the month to see how much you have leftover to save
Spend your regular paycheck on needs and wants but put extra $$ into saving
20
The landlord approves your application. You will need to provide the landlord with____at the time you sign the lease.
First month's rent and a security deposit.
An additional list of references and copies of your last three tax filings
A $500 bonus payment for awarding you the apartment
Rent payment for the first three months
21
Which location is likely to have the HIGHEST cost of living?
City: crime rate is high and population has decreased in the last 3 decades
A rural area with a population of 6000 people
A college town located 5 hours from the nearest big city
City: growing healthcare sector, pro sports team,good public transportation
22
For 2 months in a row, Aaron has a budget deficit of roughly $175. Which of these makes sense for him to fix the prob?
Contribute $100 less to savings and $75 less to retirement each month
Sell his current car and get a less expensive vehicle
Start paying the min pat on his student loan and credit card debt
Cancel one of his video subs and go out to dinner 3 fewer times each month
23
Greg is trying to decide if he needs a car when he moves to the city. Which would be a reason for Greg to get a car?
The cost of public transportation is less than Greg’s monthly car payment
There are several public trans routes between Greg's apartment and work
Greg’s company covers half the cost of his monthly public trans pass
Using public transportation, Greg’s commute to work one-way is two hours
24
Which of the following is TRUE about a lease agreement?
You never have to pay fees when you sign a lease. If you do, it is a scam.
A lease often has info about your prior housing exp;
A lease is an agree.between you & roommates that you submit to the owner.
A lease is an agree that includes details about rent, apart policies, etc
25
Sante wants to buy a laptop. She made a list of questions to see if the laptop is a want/need. What could she eliminate?
Is this the right time to buy this laptop or will it be on sale later?
Can I afford this laptop right now?
How can I pay for this laptop? If I have to charge it or take out a loan?
What model laptop is trendy right now with people my age?
26
Jo wants to buy a car. She has enough money for loan payments, gas and ins. Has she factored in all costs for the car?
Yes, these are the 3 costs she should expect to pay once she is a car owner
No, she needs to factor in other costs such as maint, emerg repairs, etc.
No, she doesn't need to include the cost of ins as it is in her auto loan
No, she does not need to include gas as it is covered under her auto ins.
27
Which statement accurately describes how the 50/20/30 Rule would break down your take-home pay?
50% needs, 20% on saving, and 30% on wants
50% on wants, 20% on savings, and 30% on needs
50% on saving, 20% on wants, and 30% on needs
50% on wants, 20% on needs, and 30% on savings
28
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 pay every one of your debts down to $0 every month
You spend your saving account balance down to $0 every month
29
You are creating your first budget. Your net pay is $2500/mo and exp are $2,625/mo. How would you describe your budget?
You have a surplus of $2,500
You have a deficit of $2,625
You have a deficit of $125
You have a surplus of $125
30
Which car loan term will save you the most money?
72 months/$150 month
36 months/$200 month
24 months/$300 month
12 months/$350 a month
31
Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses?
Loan payment on a new car
Postponing a purchase for a big-screen TV
Dining out at local restaurants
Expenses for new clothes

Duplicate of Jacobs' NGPF New Budgeting Flashcards | StudBud