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

You can build up trade-in or resale value

The defining characteristic of a job in the gig economy is...

Workers complete short-term work for many different clients

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

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

Sadie is a freelance social media specialist. . Why is it particularly important for Sadie to have an emergency Fund?

Sadie doesn't have guaranteed work every day,

How is gross pay different than net pay?

Gross pay is the total you earned, while net pay has taxes deducted

Some people experience great success when using budgeting apps to help them meet their goals.Why might this be the case?

Because users have phones with them, budgeting becomes fast and convenient

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

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

Melvin uses an Envelope Budget and has just received his paycheck. How much cash should he take out?

Enough to cover his variable expenses

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

A thriving city with a pro sports teams, and good public transportaion

You are interested in renting an apartment You meet with the landlord, complete the application, and after

First month's rent and a security deposit

One benefit of buying a USED car is...

Lower acquisition (buying) price

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

high priced items at eyelevel and lower cost items above or below eyelevel

When renting an apartment, why is it important to have a written lease?

A lease clearly states the apartment cost and expectations for living there

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

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Unit 1 Budget Quiz

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Questions 20

Answers

1
Which one of these expenses most likely represents a VARIABLE cost in someone's budget?
Student loan payment
Electricity bill
Car insurance premium
Rent
2
One benefit of buying a car vs. leasing is...
You'll have higher monthly payments than a lease
The car will have better safety ratings
You're always protected by a warranty
You can build up trade-in or resale value
3
Which Car loan term will save you the most money?
24 months/$300 a month
12 months/$350 a month
72 months/$150 a month
36 months/$200 a month
4
For most Americans, which budget expense category is largest?
Transportation
Food
Housing
Clothes
5
The defining characteristic of a job in the gig economy is...
Workers are paid by the federal government
Workers decide how much they want to pay in taxes
Workers receive free phones and wifi connections
Workers complete short-term work for many different clients
6
What action corresponds to the advice "Pay yourself first?"
Become self-employed so you're paying yourself not by an employer
Spend your regular paycheck on needs and wants,put extra money into saving
Set aside a part your paycheck into a savings before you start spending
Wait until the end of the month to see how much you have leftover to save
7
Sadie is a freelance social media specialist. . Why is it particularly important for Sadie to have an emergency Fund?
Sadie will need emergency fund in order to make her monthly payments Ins
Sadie doesn't have guaranteed work every day,
Freelancers charge low hourly rate, so Sadie probably doesn't get paid much
Sadie's job requires a lot of expensive specialty equipment
8
How is gross pay different than net pay?
Gross pay is for hourly workers, while net pay is for salaried employees
Gross pay is the total you earned, while net pay has taxes deducted
Gross pay is used for spending, while net pay is used for budgeting
Gross pay is always lower, while net pay is always higher
9
Some people experience great success when using budgeting apps to help them meet their goals.Why might this be the case?
Apps are better at doing complex budget calculations than spreadsheets
The app guarantees you'll save money if you don't, they'll refund you
Budgeting apps deposit extra funds into your account on a quarterly basis
Because users have phones with them, budgeting becomes fast and convenient
10
Which description is most accurate for a Zero-Based Budget?
You spend your saving account balance down to $0 every month
You put every dollar of your takehome 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
11
Melvin uses an Envelope Budget and has just received his paycheck. How much cash should he take out?
Enough to cover his variable expenses
None -- he is trying to save money!
Enough to cover his fixed expenses
A tiny bit to spend on wants-he can always return to the ATM if he runs out
12
Which location is likely to have the HIGHEST cost of living?
A rural area with a population of 6000 people
A city thats crime rate is high and population has been decreasing
A thriving city with a pro sports teams, and good public transportaion
A college town located 5 hours from the nearest big city
13
You're considering moving into a 4-bedroom apartment with 3 roommates . Which of your expenses would Decrease
Cell phone bill
Student loan payment
Internet bill
Renters insurance
14
You are interested in renting an apartment You meet with the landlord, complete the application, and after
Rent payment for the first three months
An additional list of references and copies of your last three tax filings
A $500 bonus payment for awarding you the apartment
First month's rent and a security deposit
15
Bryans job, he books gigs cooking customers food. Who provides his insurance and retirement?
Each family he cooks for
The owners of the Cook You Dinner app
Bryan has to fund them himself
The Google and Apple app stores
16
One benefit of buying a USED car is...
Lower acquisition (buying) price
More depreciation
Limited/No warranty
Lower maintenance and gas costs
17
If Linus is following a 50/30/20 Budget and takes home $1000 per pay period, how much is he budgeting for his WANTS?
$500
$200
$300
$1000
18
One way the grocery store tricks you into spending more money than you budgeted for is...
Being open early in the morning and late at night
Paying their cashiers and baggers more
Accepting digital and print coupons
high priced items at eyelevel and lower cost items above or below eyelevel
19
When renting an apartment, why is it important to have a written lease?
Without a lease, a renter won't know how much to budget for rent, food, ext
Signing a lease provides you with free or discounted renters insurance
It is against the law to live somewhere without a lease
A lease clearly states the apartment cost and expectations for living there
20
If you are trying to substantially reduce the amount you spend on food, you should try...
Eating way more snacks on the go and way fewer meals at home
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

Unit 1 Budget Quiz Flashcards | StudBud