budgeting

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

2 years

Which statement accurately describes how the 50/20/30 rule would break down your take home pay?

50% on needs, 20% on saving, and 30% on wants

Danaisha does all her grocery shopping at organic markets and has a monthly grocery bill of $325. Charles says that Danaisha is wasting her money on wants instead of focusing on needs. He buys in bulk, uses coupons, and shops at Save-More for a monthly bill of $195. Who's budgeting correctly for food?

Both, because needs vs wants are determined on an individual basis

Bryan is a great cook. He works as an independent contractor and books gigs cooking customers breakfast or dinner in their own homes on the app Cook For You. Who provides Bryan's health insurance and retirement plan ?

Bryan has to fund himself

for two months in a row, aaron realizes he has a budget deficit of roughly $175. Which of these options makes the most sense for him to fix his problem?

Cancel one of his streaming video subscriptions and go out to dinner 3 fewer times each month with friends

Which of these cereal boxes has the lowest unit price?

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

isiah gas a summer internship at a technology company and is paid $3,000. After federal and state taxes, social security, and medicare are deducted, his take-home-pay is $2,500. Which of the statements below is correct?

His gross pay is $3,000 and net pay is $2,500

Janine is considered what auto costs she is going to have after buying a new car. She has budgeted enough money for the montly auto loan payment, gas, and auto insurance. Has Janine factored in all of the costs associated with car ownership

No, she needs to factor in other costs such as maintenance, emergency repairs, etc.

greg is trying to decide whether he needs a car for when he moves to the city. Which of the following would be a reason for Greg to get a car rather than use public transportation?

Using public transportation, Greg's commute to work one-way is 2 hours

the defining characteristic of a job in the gig economy is...?

Workers complete short term work for many different clients

You are putting together your first post-graduation budget. Your net pay is $2,500 per month and you estimate that your monthly expenses will be $2,625. How would you describe your budget?

You have a deficit of $125

You are interested in renting an apartment after graduating college. You meet with the landlord ad complete the application. All of the following may need to be provided when you sign your lease except...

a bank account

Which of the following is true about a lease agreement?

a lease is an agreement that includse details about rent, apartment policies, vacating, etc.

Lelia 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

If you are trying to substantialy reduce the amount you spend on food, you should try...

cooking your own food at home for as many meals as possible

Which one of these expenses most likely represents a variable cost in someone's budget?

electricity bill

All fo the following are good budget strategies if you want to save money at the grocery store except

focusing only on the price when comparing similar products

You overhear your cousin talking about the importance of creating and sticking to a budget. All of the following are good reasons to create and stick to a budget except

having a budget is a requirment for obtaining a mortage

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

one way the grocery store tricks you into spendin more money than you budgeted for is...

putting high priced items at eye level and lower cost items above or below eye level

you're considering moving into a 3 bedroom apartment with 2 roomates, rather than living on your own post-college. Which of your expenses would likely decrease by having roommates?

rent

what action corresponds to the advice "pay yourself first"

set aside a fraction of your paycheck into a savings account before you start spending

Which of the following questions would you eliminate from this list for buying a laptop?

what model laptop is trendy right now with people my age?

which description is most accurate for a zero-based budget?

you put every dollar of your net pay into a budget category each month.