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Step 4c: Create a Pre- and Post-Test for Class: Personal Finance, 11 a.m.

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Topic: Lifestyle Budgeting

 Lesson: Understanding Your Paycheck (Required)Pre-TestPost-Test
1.An exempt employee is someone who doesn’t pay taxes.
2.Most people have only two or three deductions from their paycheck.
3.Federal income tax often accounts for the largest deduction from a paycheck.
4.OASDI is part of Social Security.
5.Many states charge residents an income tax.
6.Local wage tax cannot be higher than the state income tax.
7.A 401K is a type of retirement plan.
8.Health insurance costs are seldom deducted from your paycheck.
9.All states provide disability insurance for employees.
10.Your net pay is the actual amount you receive after all the deductions.
 Lesson: Setting up a Budget (Required)Pre-TestPost-Test
1.Your take-home income includes amounts your employer has deducted for taxes.
2.Bank fees count as expenses.
3.Many people spend more than they earn without realizing it.
4.Expense categories should be broad and generalized, not specific.
5.Monthly rent is an example of discretionary spending.
6.To balance your budget, you should give up all your pleasures.
7.When you see a difference between actual expense and budgeted expense, you should analyze why it occurred.
8.You should never change your budget unless your income changes.
9.You can revise your budget every month, if necessary, till you get it working smoothly.
10.You should save 4 to 6 percent of your take-home income.
 Lesson: Estimating Expenses (Required)Pre-TestPost-Test
1.Variable expenses never change.
2.For fixed expenses, such as rent and insurance, you should build in allowances for expected increases.
3.If you pay your entire auto insurance bill in May, your budget can ignore auto insurance the rest of the year.
4.For variable expenses, large items are easier to estimate than smaller items.
5.An average family spends 50% of its income on food.
6.Your monthly budget should include payments on your credit card debt.
7.It is okay to have a budget category called “Miscellaneous.”
8.Your first expense estimates should be lower than you think necessary.
9.Friends can often give you helpful budget tips.
10.Your goal is a better life, not a perfect budget.
 Lesson: Recognizing Budget Problems (Required)Pre-TestPost-Test
1.The first step in resolving budget problems is to review your financial goals.
2.When budget items are in conflict, you should consider the potential benefits and losses associated with each one.
3.Peer pressure means pressure to spend less than you earn.
4.Some expenses are merely habits.
5.Assigning priorities means choosing the cheaper item.
6.To chop expenses, you should begin with low-priority items.
7.Medium-priority items can probably be eliminated entirely.
8.You shouldn't try to reduce the budget for your high-priority items.
9.People who share a budget need to set aside time to talk about it and resolve conflicts.
10.The best way to solve budget conflicts is to tackle them all at once.
 Lesson: Cutting the Fat from your Budget (Required)Pre-TestPost-Test
1.You can save a lot of money by choosing a telephone plan that is right for you.
2.You cannot get Internet service for free.
3.To reduce ATM fees, you should avoid machines owned by your own bank.
4.Some banks charge a fee for every check you write.
5.Laundry supplies usually cost the same amount at a supermarket and a convenience store.
6.Before canceling a credit card, you should pay off the balance.
7.A debit card uses money that's already in your bank account.
8.To save on utilities, you should turn your thermostat up in winter.
9.You cannot buy in bulk unless you have a large storage space.
10.Generic drugs use the same chemical formulas as brand-name drugs.
 Lesson: Calculating Your Housing Budget (Required)Pre-TestPost-Test
1.Whether you rent or own your housing, you calculate your housing budget in essentially the same way.
2.Renters usually have to pay a security deposit.
3.Appliances should not be included in your housing budget.
4.One way to estimate utility expenses in an apartment is to find out what previous tenants paid.
5.Garage costs for your car can be an important addition to housing expenses.
6.Condo fees are usually included in your mortgage payments.
7.Property taxes are usually a minor cost.
8.Remodeling costs should be part of your housing budget.
9.In a rental apartment, the landlord is responsible for most repairs.
10.Most people spend 40% of their income on housing.
 Lesson: Dealing with Debt (Required)Pre-TestPost-Test
1.A key step in dealing with debt is admitting you have a problem.
2.When you have a lot of debt, the consequences of not paying are irrelevant.
3.Other things being equal, you should give high priority to debts with high interest rates.
4.You should commit all available cash to paying down your highest-priority debt.
5.If you have serious debt, you should give up all hope of saving, now or in the future.
6.There is no way to reduce the interest rate on a credit card.
7.If you're careful about it, you can use a credit card with low interest to pay off debts with higher interest.
8.Debt consolidation doesn't change the interest you pay.
9.A plan for dealing with debt should include specific actions.
10.Some credit counseling agencies are nonprofit.
 Lesson: Staying Out of Debt (Required)Pre-TestPost-Test
1.Credit card charges are loans.
2.The cost of buying on credit includes interest charges.
3.To avoid high debt on a single credit card, you should use several different cards.
4.When you compare an item's cost to your earnings, you can see how many hours you need to work to pay for that item.
5.Many stores arrange their goods to take advantage of impulse buying.
6.Opportunity cost is the fee you pay for the opportunity to join a members-only discount club.
7.To resist spending temptations, you may need to change your daily route.
8.If you have extra money, you shouldn't hesitate to spend it.
9.Gift giving is a good excuse for breaking your budget.
10.You should review your spending once a year.
 Lesson: Coping with Taxes (Optional)Pre-TestPost-Test
1.A tax return is the money you get as a refund.
2.A W-2 form states the interest you have earned on a bank account.
3.Deductions are amounts you can subtract from your income on a tax return.
4.Federal tax tables aren't hard to read.
5.Credits reduce the tax that you pay.
6.Federal income tax returns have to be filed on paper.
7.Math errors are common on tax returns.
8.An instant refund, which is actually a tax refund loan, is a good way to get your money without delay.
9.Once you have filled out your W-4 form, you can't change the amount your employer withholds for taxes.
10.Some professional tax assistance is available for free.
 Lesson: Adapting Lifestyle to Paycheck (Required)Pre-TestPost-Test
1.You are responsible for your own financial choices.
2.People with more money are usually happier.
3.Short-term goals are things you want to achieve three years from now.
4.In a budget, you set a total limit on your spending without breaking it down into categories.
5.It helps to think of money management as a challenge, not just a chore.
6.Good money managers approach the subject like problem solvers.
7.You can't learn much from failure.
8.A proper budget has no place for fun.
9.Money management is easier when you cooperate with friends.
10.You should reward yourself for money management successes.
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