Personal Finance (Chapter 6) | Quizizz (2024)

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• Multiple Choice

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  1 minute

  1 pt

  What action corresponds to the advice "Pay Yourself First?"

  Wait until the end of the month to determine how much to save

  Directly deposit 20% of your paycheck into your savings account

  Spend your regular paycheck and save your bonus check

  Take two jobs and use one job for your expenses and one job for your wants

• Multiple Choice

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  1 minute

  1 pt

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

  Dining out at local restaurants

  Loan payment on a new car

  Expenses for new clothes

  Postponing purchase of the big-screen TV

• Multiple Choice

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  1 minute

  1 pt

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

  6 months

  1 year

  2 years

  3 years

• Multiple Choice

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  45 seconds

  1 pt

  Which of the following items will NOT reduce your gross pay?

  See Also

  Personal Finance - Open Textbook Library

  Investment income

  State taxes

  FICA (Social Security)

  Federal taxes

  Medicare

• Multiple Choice

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  45 seconds

  1 pt

  What would be TWO signals that you have a budget deficit? Check two:

  The unpaid balance on your credit card increases every month

  Your savings account balance grows every month

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

  Your checking account balance grows every month

• Multiple Choice

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  45 seconds

  1 pt

  You are so excited to get a car before you go off to college. What are the costs usually associated with a car assuming that you have to take out a loan to acquire it?

  Car payment to pay off a loan

  Auto insurance

  Car maintenance

  All of the above

• Multiple Choice

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  45 seconds

  1 pt

  While shopping for groceries you are comparing the cost of three cereals that you like... Cereal A costs $3.20 for a 16 oz. box, Cereal B costs $5.00 for a 32 oz. box and Cereal C costs $2.50 for a 10 oz. box. Which cereal has the lowest unit cost?

  Cereal A

  Cereal B

  Cereal C

• Multiple Choice

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  1 minute

  1 pt

  Isaiah works for the summer at a technology company and has a salary for the summer of $3,000. After federal and state taxes and Social Security/Medicare taxes are deducted, his take-home pay is $2,500. Which of the statements below is correct?

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

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

  His gross and net pay are $3,000

  His net pay and gross pay are $2,500

• Multiple Choice

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  1 minute

  1 pt

  You are putting together your first post-graduation budget. Your take-home or net pay will be $2,500 per month. You estimate your monthly costs to be rent of $800, car payment of $350, car insurance of $150, car maintenance of $50, entertainment of $500, food expense of $250, cable bill of $75, mobile phone of $100, student loan payment of $100 and other expense of $300. How would you describe your budget after analyzing all of your income and expenses?

  You have a surplus of $175

  You have a deficit of $175

  You have a deficit of $2,675

  You have a surplus of $2,500

• Multiple Choice

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  1 minute

  1 pt

  You are interested in renting an apartment for your sophom*ore year in 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 month's rent

  First and last month's rent

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

  $1,000 deposit

• Multiple Choice

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  1 minute

  1 pt

  You really, really want to live in San Francisco to pursue a career with a leading technology firm. You get the coveted job offer (take-home pay of $3,000 per month) and make a trip to the area to check out apartments. You narrow your choice down to three options: 1) Studio apartment with views of Golden Gate Bridge for $2,000 2) One bedroom apartment near the ballpark for $1,800 or 3) Studio in most prestigious part of the city for $2,200. Which would you choose?

  Choice #1

  Choice #2

  Choice #3

  None of the above. Rule of thumb suggests that you shouldn't spend more than 40% of your take-home pay on rent. Roommates?

• Multiple Choice

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  45 seconds

  1 pt

  You decide you really need a car for transportation to your new job. Which factors will impact your total cost of ownership of that car? Check all that apply:

  Age of your car

  Fuel efficiency of your car

  Purchase price of your car

  Taxes and registration fees charged by your state of residence

• Multiple Choice

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  45 seconds

  1 pt

  Which of the following are good budgeting strategies to save money at the grocery store? Check all that apply:

  Prepare a grocery list before you go to the store, and avoid buying items that aren't on the list.

  Build a weekly meal plan around items you already own or items that are on sale that week, rather than just choosing foods you'd like to eat.

  When comparing similar products, focus on the price only

  When comparing similar products, be sure to compare based on unit price

• Multiple Choice

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  45 seconds

  1 pt

  What is a health insurance premium?

  A measure of how many procedures your insurance plan covers

  The amount you must pay monthly for insurance, regardless of whether you use any services

  The amount you pay out of pocket for a specific procedure or service

  An extra amount you can pay for higher quality service than what is covered in a basic plan

• Multiple Choice

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  1 minute

  1 pt

  When it comes to health insurance, co-pays and deductibles are...

  Out-of-pocket costs for actual health services and treatments received as part of your healthcare plan

  Optional costs if you want better health insurance

  Paid monthly when you use a doctor that is not covered by your healthcare plan

  Only paid if you require more health services than your insurance company expected

• Multiple Choice

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  1 minute

  1 pt

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

  Contribute $100 less to savings each month and $75 less to his retirement fund

  Start paying just the minimum monthly payment on his student loan and credit card debt, instead of the extra he's been contributing.

  Cancel his cable TV subscription and go out to dinner three fewer times each month with friends

  Sell his current car and get a less expensive vehicle

• Multiple Choice

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  1 minute

  1 pt

  Geraldine works part-time at the local juice bar. She gets paid $10 per hour and plans to work 10 hours per week throughout the year (assume a 50 week year). She pays federal and state taxes equal to 20%. Her GROSS PAY for the Year is equal to...

  $100

  $80

  $4,000

  $5,000

• Multiple Choice

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  45 seconds

  1 pt

  You're considering moving into a 3 bedroom apartment with 2 roommates, rather than living on your own post-college. Check which of YOUR expenses would likely decrease by having roommates.

  Renter's insurance

  Cell phone bill

  Rent

  Internet Bill

• Multiple Choice

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  1 minute

  1 pt

  Mark whether each of the following is a reason to have insurance. Check those that apply:

  It reduces your out-of-pocket expenses in case of a horrible injury, disaster, or loss.

  It allows you to be less responsible and take more risks, because you're always protected.

  In some cases, it's mandated by law.

  It increases your gross income.

  If you start paying insurance when you're young, you won't have to pay for it later when you're older.

• Multiple Choice

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  1 minute

  1 pt

  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?

  Danaisha, because she is focusing on her health, which will have a guaranteed payoff in the long run

  Charles, because he's taking efforts to save money by focusing on his needs only

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

  Neither, because they should meet in the middle somewhere. Charles should focus more on health, and Danaisha should cut her spending.

• Multiple Choice

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  1 minute

  1 pt

  After graduation, Leila is determined to live in one of the country's 10 largest cities; she's tired of her small town! She figures she can save money by not owning a car. If she wants to save money and be car-free, which two factors are most important for her to consider when choosing a city? Check those that apply:

  Quality of the public transportation

  Cost of license and registration

  Location of her home and work

  Average cost of Uber or taxi fare

  Location of the largest nearby airport

• Multiple Choice

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  1 minute

  1 pt

  Which of these is NOT an option for a 24-year-old college grad to get health insurance?

  Remain on their parent's policy

  Obtain health insurance through their employer

  Remain on their college health care plan

  Buy insurance on the marketplace

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