Budgeting

Front

What is TRUE about gross income and net income?

Back

Gross income is the total amount earned BEFORE deductions.

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

Front

How does the 50/30/20 rule of thumb for budgeting allocate your income?

Back

50% Needs, 30% Wants, 20% Savings & Debt Repayment

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."

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

Front

A written budget, if followed, removes ________ from your finances.

Back

All of these

Front

Things you have to have; these are essential

Back

Needs

Front

Things you would like to have; they are not absolutely necessary, but they would be nice to have

Back

Wants

Front

Money received on a regular basis

Back

Income

Front

The cost required to pay for something

Back

Expenses