Budgeting and Meal Planning Quiz

Questions and Answers

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What expense category is typically the largest for most Americans?

Housing

Which expense is likely to DECREASE by having roommates?

Renters insurance

What accurately describes a Zero-Based Budget?

You put every dollar of your take-home pay into a budget category each month

Who typically provides health insurance and retirement plans for Bryan, the cook who books gigs through the Cook You Dinner app?

Bryan has to fund them himself Signup and view all the answers

How is gross pay different from net pay?

Gross pay is the total you earned, while net pay has taxes deducted Signup and view all the answers

Which expense most likely represents a VARIABLE cost in someone's budget?

Electricity bill Signup and view all the answers

What is the most effective way to substantially reduce the amount spent on food?

Cooking your own food at home for as many meals as possible Signup and view all the answers

After analyzing all your income and expenses, what is the financial status of your budget?

You have a deficit of $200 Signup and view all the answers

Which expense category has the highest amount in the post-graduation budget?

Rent Signup and view all the answers

What is the purpose of providing credit background and references to the landlord during an apartment application?

To demonstrate reliability as a tenant Signup and view all the answers

Why is it not advisable to eat way more snacks on the go and have way fewer meals at home to reduce food expenses?

It leads to higher food expenses in the long run Signup and view all the answers

Which monthly expense is essential for maintaining personal mobility according to the post-graduation budget?

Car maintenance Signup and view all the answers

Study Notes

Budgeting Essentials

To reduce food expenses, cook your own food at home for as many meals as possible.
In a budget, the largest expense category for most Americans is Housing.

Budget Analysis

If your take-home pay is $2,500 per month, and your estimated monthly costs are $2,300, you have a surplus of $200.
You would need to provide the landlord with a first month's rent and a security deposit to get the apartment.

Budgeting Strategies

Having roommates would likely decrease your rent expense.
A Zero-Based Budget means putting every dollar of your take-home pay into a budget category each month.
"Pay yourself first" means setting aside a fraction of your paycheck into a savings account before you start spending.

Income and Expenses

Gross pay is the total you earned, while net pay has taxes deducted.
A variable cost in someone's budget is an expense that can change, such as an electricity bill.

Additional Budgeting Tips

Using budgeting apps can help you meet your goals because they are fast and convenient to use.
When comparing unit costs, you should calculate the cost per unit to find the best deal.