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1. How should you figure gross monthly pay?

a) Multiply hourly pay times 2080 and divide by 12.

b) Multiply weekly pay times 4.

c) Look at your pay check.

2. What is net monthly pay? (according to your book)

a) Weekly pay times 4.

b) If you get paid twice a month, it is the pay from 2 checks.

c) Monthly pay after taxes and insurance are deducted.

d) Less than gross monthly pay.

3. When you are figuring your monthly budget which figure should you start with, net monthly pay or gross monthly pay.

a) Net monthly pay.

b) Gross monthly pay.

4. Is this statement true or false? “If you manage your credit cards wisely you can always use the available balance on your credit cards as an additional source of income”

True or False

5. Is this statement true or false? “Even a modest regular monthly saving, like $10 per month can add up to a nice savings balance over a period of several years.”

True or False

6. Is this statement true or false? “Saving money on regular expenses like groceries or entertainment is one part of economic literacy.”

True or False

7. Is this statement true or false? “It is always more economical to buy items in large packages or quantities.”

True or False

8. When should you not shop for groceries?

a) When you are hungry

b) When you are bored

c) When you have your children with you

d) All of the above

9. How much of your gross monthly pay should you spend for housing?

a) One third

b) 29%

c) As much as it costs to get the housing you want

d) One week’s pay

10. Is this statement true or false? “If you are living on a really tight budget you will never be able to save as much as $25 a month regularly.”

True or False