1) How do wages and salary differ? a) Wages describe what you earn on an annual basis b) Wages mean you have a standard amount in each paycheck c) Salary describes what you earn on an annual basis d) Salaried employees are likely to be paid for overtime 2) Which of the following are TRUE about gross income and net income? a) Gross income and net income are the same b) Gross income is the total amount earned before deductions c) Gross income is sometimes called "take home pay" d) Net income is the total amount earned before deductions 3) Which of the following may NOT always appear on your paycheck stub? a) Gross Pay b) Your Role/Title c) Net Pay d) Local Tax 4) It's common to have all of the following expenses BEFORE signing a lease EXCEPT... a) Renter's Insurance b) Application deposit c) Application fee d) Apartment hunting expenses 5) Which of the following might you pay WHEN you sign your lease? a) Finder's fee b) Security deposit c) Application fee d) Renter's insurance 6) According to a rule of thumb, rent shouldn't take up more than ___ % of your take-home pay. a) 7-12% b) 15-20% c) 10-15% d) 25-30% 7) Which of the following would typically NOT be covered under renter's insurance? a) A friend slips and twists his ankle in your living room b) A fire destroys 80% of your belongings c) Your apartment is broken into and your laptop is stolen d) Your apartment is flooded, destroying your furniture 8) Which of the following is a step you can take to mitigate the risk of buying a used car? a) Get a vehicle history report b) Skip the test drive; you have time after you buy it to drive c) Have a mechanic inspect the car after you buy it 9) Which of the following is NOT a cost of owning a car? a) License and Registration fees b) Utilities c) Gasoline d) Insurance 10) About how much of your income should go towards transportation? a) 5-10% b) 25-30% c) 15-20% d) 35-40% 11) Jenna wants to decrease the amount of $ she spends on food. Which of the following would help? a) Decide what she will make for dinner that same day b) Go to the store whenever she needs 1-2 items c) Go to the grocery store with a list d) Keep snack foods stocked 12) Which of the following is TRUE about unit pricing? a) Unit prices can help you compare the prices of similar items b) It's easy to compare quantities on a unit price label c) Unit price labels are universal throughout the country d) All states require unit price labels 13) A 18oz box of cereal costs $4.99. How would you calculate the unit price? a) 18oz / $4.99 b) $4.99 / 18oz c) 9 oz / $2.50 d) (18oz) x ($4.99) 14) 6 cans of tomato soup cost $14.99. What is the unit price? a) About $1.50 b) About $3 c) About $2.50 d) About $3.50 15) Jabar broke his leg while riding his bike. How does having health insurance help him? a) Jabar will likely have to pay $0 towards his medical costs b) Jabar will likely owe a portion of his medical costs c) Jabar will likely have to cover 100% of his medical costs d) Having health insurance makes no difference 16) How can consolidating your student loans help your budget? a) You'll pay more in interest over time b) Your monthly payment may decrease c) Your interest rate is guaranteed to decrease 17) How does the 50/30/20 rule of thumb for budgeting allocate your income? a) 50% Needs, 30% Wants, 20% Savings & Debt Repayment b) 50% Savings & Debt Repayment, 30% Wants, 20% Needs c) 50% Wants, 30% Needs, 20% Savings & Debt Repayment d) 50% Needs, 30% Savings & Debt Repayment, 20% Wants 18) Which of the following is an example of buying something you NEED? a) "I want to replace something that is no longer working." b) "I'm feeling down, and I need to boost my spirits." c) "I want to impress someone/ change how they feel about me." d) "I don't want to miss out on these deals during the sale!"

Budgeting Trivia

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