What is TRUE about gross income and net income?
Budgeting

Flashcard
•
Social Studies
•
8th Grade
•
Hard
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20 questions
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1.
FLASHCARD QUESTION
Front
Back
Gross income is the total amount earned BEFORE deductions.
2.
FLASHCARD QUESTION
Front
Which of the following may NOT always appear on your paycheck stub? Gross Pay, Net Pay, Your Role/Title, Local Tax
Back
Your Role/Title
3.
FLASHCARD QUESTION
Front
How does the 50/30/20 rule of thumb for budgeting allocate your income?
Back
50% Needs, 30% Wants, 20% Savings & Debt Repayment
4.
FLASHCARD QUESTION
Front
Which of the following is an example of buying something you NEED?
- "I want to replace something that is no longer working."
- "I want to impress someone/ change how they feel about me."
- "I'm feeling down, and I need to boost my spirits."
- "I don't want to miss out on these deals during the sale!"
Back
"I want to replace something that is no longer working."
5.
FLASHCARD QUESTION
Front
Doing a budget DOES NOT:
- Make overspending more likely
- Make your money go further
- Show if you are overspending in an area
- Remove guilt and shame sometimes associated with a purchase
Back
Make overspending more likely
6.
FLASHCARD QUESTION
Front
A written budget, if followed, removes ________ from your finances.
Back
All of these
7.
FLASHCARD QUESTION
Front
Things you have to have; these are essential
Back
Needs
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