Personal Finance Module 9 Quiz

You earn a salary of $40,000 per year and decide to save 20% of your gross pay. You then set a goal of creating a $16,000 emergency fund. How long will it take for you to achieve your goal?

2 years

Leila just graduated from college and is comparing a few different cities to move to. Which of these factors is the LEAST important thing for her to consider right now?

Average cost of Uber, Lyft, or taxi fare

Which of these boxes of cereal has the LOWEST unit price?

Cereal B, which costs $5.00 for a 32 oz. box.

John wants to buy a car and is trying to decide whether he wants to accept a pre-qualified auto loan from his credit union or if he wants to directly finance the car from the dealership. What should he do?

Compare the two offers and choose the one through which he'd pay the least amount of money overall.

You are interested in renting an apartment after graduating 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 ___________________ at the time you sign the lease in order to get the apartment.

First and last month's rent + a security deposit to cover any damages to the apartment

Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses?

Loan payment on a new car

Greg is trying to decide whether he needs a car or not when he moves to the city. Which of the following would convince Greg to get a car rather than use public transportation?

Using public transportation, Greg's commute to work one-way is two hours

Which of the following is a BAD budgeting strategy to use if you want to save money at the grocery store?

When comparing similar products, focus on the price only.

You are putting together your first post-graduation budget. Your take-home pay will be $2,500 per month. You estimate your monthly costs to be rent of $900, car related expenses to be $550, entertainment of $200, food expense of $250, cable bill of $75, mobile phone of $100, student loan payment of $400 and other expense of $150. How would you describe your budget after analyzing all of your income and expenses?

You have a deficit of $125.

Which of the following is a sign that you have a budget deficit?

You overdraw your checking account on a consistent basis (with a $34 cost per overdraft).