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| 1 | |
Seeing the increase in your lifetime earning potential versus the cost of college can help you: |
| | A) | Plan for retirement |
| | B) | Stay in line with the U.S. Census Bureau |
| | C) | Know what salary to ask for when job hunting. |
| | D) | Perceive your college efforts and spending as minimal |
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| 2 | |
What is opportunity cost? |
| | A) | The cost of not taking action |
| | B) | The price you must pay to take advantage of an opportunity |
| | C) | The cost of having more opportunities |
| | D) | The monetary difference between having and taking an opportunity |
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| 3 | |
A combination of long-term effort and smart saving can: |
| | A) | Reshape your personal definition of wealth |
| | B) | Help you achieve your financial goals |
| | C) | Change your lifestyle choices |
| | D) | Determine your quality of life |
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| 4 | |
What is most often required to accomplish your financial goals? |
| | A) | Graduate school, family connections, and expertise |
| | B) | Experience, networking, and an enterprising spirit |
| | C) | Expertise, experience, and the necessary education |
| | D) | Education, erudition, and expectations |
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| 5 | |
Which of these is not an example of mismanaging your money? |
| | A) | Making only the minimum payments on credit cards |
| | B) | Getting a payday advance loan |
| | C) | Paying your bills late |
| | D) | Putting 10% of your income in a savings account |
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| 6 | |
Which of these is considered discretionary spending? |
| | A) | Your monthly rent or mortgage payment |
| | B) | Your electricity bill |
| | C) | Your entertainment expenditures |
| | D) | Your gas and water costs |
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| 7 | |
Taking the time to consider the positives and negatives before making a substantial purchase will: |
| | A) | Cost you time that you could be using to work or study |
| | B) | Prove fruitless when faced with the expertise of the sales people |
| | C) | Help you to make a logical and informed decision |
| | D) | Require a notepad and writing implement to make a comprehensive list |
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| 8 | |
Your compulsory budget items should include: |
| | A) | Food allowance, savings, and premium movie channels |
| | B) | Rent or mortgage payments, utility costs, and food allowance |
| | C) | Utility costs, tuition expenses, and Sirius radio |
| | D) | At least one luxury item a month, it will help make your budgeting more palatable |
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| 9 | |
If you have carefully planned and stuck to your monthly budget: |
| | A) | Your total spending will be less than or equal to your income |
| | B) | Your income will be less than or equal to your total spending |
| | C) | Your total spending will be greater than or equal to your income |
| | D) | Your total spending will exceed your income |
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| 10 | |
The most superbly planned budget is useless unless you: |
| | A) | Maintain a minimum balance in all of your bank accounts |
| | B) | Use the correct web-based tools |
| | C) | Have only fixed expenses |
| | D) | Carry through and adhere to it |
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| 11 | |
Why should you budget for savings? |
| | A) | To be able to use your savings on a really great vacation |
| | B) | To give yourself a rainy-day shopping fund |
| | C) | To help cover unexpected expenses |
| | D) | To lower your overage fees when you use the same bank for checking and savings |
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| 12 | |
What are the basic groupings for your personal budget? |
| | A) | Discretionary spending, fixed expenses, variable expenses, and marketing expenses |
| | B) | Personal expenses, school expenses, savings, home expenses, and income |
| | C) | Material costs, production costs, overhead, and capital improvements |
| | D) | Desired purchases, possible expenses, likely expenses, and unexpected expenses |
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