Student Worksheet
/ Independent Living / Name:______
Assessment Activity / Date:______
Concept Quiz / Class Period:______

1. There are lots of ways to keep your finances straight, but of them all, which is the most important?

  1. Balancing your checkbook
  2. Planning a budget
  3. Saving money
  4. Using a credit card

2. Oh no! Lost your job? What is the best thing to do?

  1. Take out cash advances on credit cards
  2. Have at least 3 months’ of savings to get you through a crisis
  3. Borrow money from friends
  4. Pawn everything you can

3. Which is NOT a personal money management tool you should master?

  1. Budget your money
  2. Live within your means
  3. Develop smart money habits
  4. Spend your paycheck each month

4. Which one of these is a fixed expense?

  1. Gasoline
  2. Telephone
  3. Rent
  4. Electricity

5. How do you know you have developed healthy money habits?

  1. When you save money each paycheck
  2. When you know how much money you make and bring home
  3. When you have enough money to cover needs as well as some wants
  4. All of the above

6. How much should you keep in your savings account?

  1. Enough to cover 12 months of your expenses
  2. Enough to cover 6 months of your expenses
  3. Enough to cover 3 months of your expenses
  4. Enough to cover 1 month of your expenses

7. Safety is one reason why you might choose to do which of the following?

  1. Include your name, address, and phone number in a classified
  2. Select a roommate that hangs out with a dangerous crowd
  3. Leave your front door unlocked for potential roommates to “drop in”
  4. Interview potential roommates with a friend or relative

8. Find the “variable expense”?

  1. Car payments
  2. Groceries
  3. Insurance Payments
  4. Rent

9. A budget is…

  1. An ongoing project
  2. Clear and easy to use
  3. A tool to help you set priorities and accomplish goals
  4. All of the above

10. How much of your earnings should you save each month?

  1. 10 percent
  2. 8 percent
  3. 5 percent
  4. 2 percent

11. Okay, you’re ready to build your budget. What information will you need to have?

  1. Know how much money you make
  2. Know how much money you spend
  3. Know the credit limit on your credit card
  4. Both A & B

12. Which of the following is NOT a true “need”?

  1. A new car
  2. Safe shelter
  3. Reliable transportation
  4. Basic groceries

13. Which of the following is NOT a way to reduce your grocery bill?

  1. Make a shopping list
  2. Study grocery ads
  3. Make impulse purchases
  4. Buy store-brand products

14. If you are a college student why would it make sense to scan bulletin boards at school for a roommate?

  1. It is the most convenient
  2. It is the only way to find a roommate
  3. It is better than answering a classified ad
  4. It might be a way to find a roommate with similar interests

15. What should you consider when selecting roommates?

  1. Friends aren’t always good roommates
  2. Does the person smoke, drink, or use drugs?
  3. Does the person have pets?
  4. All of the above

16. What should you consider when selecting an apartment?

  1. Cost
  2. Location and safety
  3. Availability of laundry facilities
  4. All of the above

17. What should you and your roommate(s) agree upon?

  1. Who has the most net income
  2. How much to save for retirement
  3. Which household items to share
  4. Which one of your neighbors is the oddest

18. Your landlord can enter your apartment:

  1. Only when you’re there
  2. Whenever
  3. Never
  4. Anytime if an emergency or abandonment is suspected

19. As a tenant, which of the following are you responsible for?

  1. Installing smoke detectors
  2. Weatherproofing the home
  3. Paying rent and bills on time
  4. Making repairs

20. A landlord may keep your security deposit when you move out because of:

  1. Normal wear and tear to the apartment
  2. A plumbing leak
  3. A large stain on the carpet
  4. Both A and C