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Budgeting, needs and wants, gross vs. net pay, sunk costs, cost and benefit, dollar auction

Quiz by David Pierce

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12 questions
Show answers
  • Q1
    If you earn a gross pay of $2000 and have to pay $200 in federal taxes and $300 in state taxes, what is your net pay?
    $1,500
    $2,000
    $1,000
    $2,500
    30s
  • Q2
    What type of cost should not be considered when making decisions about future spending?
    sunk cost
    variable cost
    fixed cost
    marginal cost
    30s
  • Q3
    Which of the following best describes a 'want' in budgeting?
    a necessary expense like rent
    a basic need for survival
    money earned before taxes
    a non-essential item that enhances life
    30s
  • Q4
    In budgeting, what is the difference between gross pay and net pay?
    Gross pay is the final salary received
    Gross pay is what you take home
    Net pay is the amount received after deductions
    Net pay includes bonuses only
    30s
  • Q5
    What does a cost-benefit analysis help you determine?
    the income generated from investments
    the amount of money spent on luxury goods
    the total expenses for a month
    the value of an option compared to its cost
    30s
  • Q6
    Which of the following is an example of a need?
    a new video game
    going to a concert
    food and shelter
    the latest smartphone
    30s
  • Q7
    Why is it important to distinguish between needs and wants in budgeting?
    to eliminate all forms of spending
    to ensure all purchases are equally important
    to prioritize essential expenses over discretionary spending
    to increase spending on luxury items
    30s
  • Q8
    In the context of gross vs. net pay, which of the following would be considered a deduction?
    overtime pay
    federal income tax
    commission
    base salary
    30s
  • Q9
    In a cost-benefit analysis, what is a benefit?
    a fixed cost
    a type of debt
    an advantage gained from a decision
    a monetary expense
    30s
  • Q10
    When creating a budget, what is one important factor to consider?
    Balancing needs and wants
    Budgeting for fixed income
    Only focusing on wants
    Ignoring savings goals
    30s
  • Q11
    What is a dollar auction?
    A dollar auction is a game where players bid on a dollar bill, but the highest bidder wins the dollar while the second-highest bidder loses their bid amount.
    A dollar auction is a contest where participants donate dollar bills.
    A dollar auction is a raffle to win a dollar.
    A dollar auction is a way to sell products for a dollar.
    30s
  • Q12
    What does 'gross pay' include?
    Gross pay is the amount you receive after deductions.
    Gross pay only includes hourly wages.
    Gross pay includes all earnings before any deductions are taken out, such as taxes and benefits.
    Gross pay is the sum of your savings and investments.
    30s

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