Food
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.
You're considering moving into a 3-bedroom apartment with 2 roommates rather than living on your own after college. Which of your expenses would likely DECREASE by having roommates?
Internet Bill
Building up your trade-in or resale value is a benefit of:
A) Buying a car
B) Leasing a car
A) Buying a car
For most Americans, which budget expense category is the largest?
Housing
How is gross pay different than net pay?
Gross pay is the total you earned, while net pay has taxes deducted
Jack is a great cook. As his job, he books gigs cooking customers breakfast or dinner in their own homes on the app Cook You Dinner. Who provides Jack's health insurance and retirement plan?
Bryan has to fund them himself
You are interested in renting an apartment for your senior year in college. You meet with the landlord, complete the application, and after checking your credit background and references, the landlord approves your application. In most cases, you will need to provide the landlord with these two things at the time you sign the lease in order to get the apartment.
First month's rent and a security deposit
The defining characteristic of a job in the gig economy is...
Workers complete short-term work for many different clients
Setting aside a fraction of your paycheck into a savings account before you start spending can be known as "Paying ________ First".
Paying YOURSELF First
Some people experience great success when using budgeting apps to help them meet their goals. Why might this be the case?
Because users carry their phones almost everywhere, budgeting becomes fast and convenient
David is at the grocery store and has three options for buying boxed mac and cheese: 1 box for $1.78, a 3- pack for $6, or a 4-pack for $8. Comparing unit costs, which is the best deal?
1 box for $1.78
Your electricity bill would likely represent a _______ cost in your budget.
Variable
In general, what type of auto loan will save you the most money?
A) A long term loan with small payments
B) A short term loan with large payments
B) A short term loan with large payments
Putting every dollar of your take-home pay into a budget category each month is known as a ...
Zero-Based Budget
NEED or WANT:
A new cell phone every two years for a college student so they can keep in touch with family
WANT
Month after month, Kayla is overspending in her budget and decreasing her savings account balance as a result. What action would you recommend she take immediately?
Start packing her lunch from home every day instead of dining out
A thriving city with a growing health care sector, pro sports teams, and good public transportation is likely to have a HIGH or LOW cost of living?
HIGH cost of living
Kevin is a freelance social media specialist. Companies can hire him to improve their social media presence. Why is it particularly important that Kevin, and other freelancers like him, have an emergency fund?
Kevin doesn't have guaranteed work every day, so he needs money in case he goes a while between clients
Alex uses an Envelope Budget and has just received his paycheck. How much cash should he take out?
Enough to cover his variable expenses
If Eldin is following a 50/30/20 Budget and takes home $2000 per pay period, how much is he budgeting for his WANTS?
$600
Grocery stores may try to trick you by putting ____ priced items at eye level and ____ cost items above or below eye level
HIGH priced at eye level; LOW cost above/below
When renting an apartment, why is it important to have a written lease?
A lease clearly states the apartment costs and expectations for living there
TRUE OR FALSE:
One benefit of buying a USED car is lower maintenance and gas costs.
FALSE
You are putting together your first post-graduation budget. Your take-home pay will be $3,000 per month. You estimate your monthly costs to be rent of $1000, car payment of $450, car insurance of $250, car maintenance of $75, entertainment of $650, food expense of $300, mobile phone of $75, student loan payment of $400 and other expenses of $300. How would you describe your budget after analyzing all of your income and expenses?
You have a deficit of $500.
TRUE OR FALSE:
Becca, a tenth grade teacher, who stays after school each day to grade papers will likely see an increase in her income in the next pay period.
FALSE: Teachers are generally salaried employees, not hourly.