Budgeting Test Review
Quiz by Brett Kalmes
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40 questions
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- Q1You just moved to a new city and are researching different transportation options. You should consider the following factors EXCEPT…Distance and commute timeDecor and styleConvenience and budgetReliability and time schedules45s
- Q2Gaby lives one hour away from work and wants to make the most of her commute time to work on her business plan for her side hustle. Which mode of transportation makes the most sense for her while also saving on commute costs?Taking an UberTaking the trainDriving her carBiking to work45s
- Q3Which analogy about leasing or financing a vehicle is correct?Financing a car is like selling the carLeasing a car is like owning the carLeasing a car is like renting the carFinancing a car is like renting the car45s
- Q4Why are monthly payments with leasing a car lower than monthly payments with financing a car?You are only paying for the value you use while driving the carThe gas for a financed car is more expensive than gas for a leased carLeased cars are typically older models, so they are cheaperYou do not need to pay for insurance for a leased car45s
- Q5What is one disadvantage of leasing a car compared to financing a car?You have a certain mileage limit on the carYou can only lease used carsYou have higher monthly paymentsYou won't be able to drive it farther than a 10 mile radius from your house45s
- Q6Which of the following statements about vehicle depreciation is FALSE?A new car typically loses about 10% to 15% of its value by the time you drive off from the dealershipVehicle depreciation is defined as the reduction in value of the car as time passesYou can avoid depreciation by getting the most expensive insurance planThe biggest depreciation happens within the first few years of new car ownership45s
- Q7What is the most accurate comparison of pros and cons between purchasing a new car versus a used car?Used cars can be bought at a lower price, but often require more maintenance costs than new cars.New cars don't have damage from a previous owner, but only used cars typically come with a warranty.New cars can be bought at a lower price, but often require more maintenance costs than used cars.Used cars can be bought at a lower price, but will depreciate faster than new cars.45s
- Q8When selecting your car payment plan, the _____ your loan term is, the lower your monthly bill will be. However, your overall interest will be ______.longer; lowershorter; lowershorter; higherlonger; higher45s
- Q9What is the BEST option that you can try to cut down on commuting costs?Purchase a new carOnly go to work once a weekTake the longest route to workJoin a rideshare or carpool45s
- Q10Which of the following costs would increase if you had a longer commute to work or school?Vehicle registration feesCar paymentsFuel and maintenanceParking fees45s
- Q11For most American households, the largest expenses in their budget will likely be...Clothes, Entertainment, FoodClothes, Food, HousingFood, Insurance, TransportationFood, Housing, Transportation45s
- Q12Complete this sentence: If your employee compensation is structured as a salary, ...You will earn more for each additional hour you workYou will always out-earn someone who is paid a wage insteadYou will not have taxes removed from each paycheckYou have agreed to work for a predetermined amount of money45s
- Q13Which formula best represents the math used to determine your net pay?Total hours worked x wageGross pay -- salaryGross pay -- taxesGross pay -- taxes -- other deductions45s
- Q14At your part-time job, you receive net pay of $400 per month. Each month you automatically save $100, and then you budget $50 for your cell phone, $50 for lunch at school, and $150 for fun with your friends. What is the end result of your budget?A surplus of $50A surplus of $750A deficit of $750A deficit of $5045s
- Q15Why is it important to budget using your net pay, rather than your gross pay?Your net pay will account for all the taxes and deductions that are removed each paycheckYour net pay will be higher, giving you more spending money each monthYour total tax bill will be lower if you budget using your net payNet pay is better for teenagers and young adults, whereas gross pay pertains to adult earners45s