Budgeting NGPF

Front

What is a Pay Stub?

Back

A physical or electronic document that provides details about money earned on a job and deductions made.

Front

What is an optional deduction from your pay stub/check?

Back

Health Insurance is an optional deduction from your pay stub/check.

Front

What does SMART stand for in goal setting?

Back

Specific, Measurable, Attainable, Realistic, Time-sensitive.

Front

Give an example of a SMART goal.

Back

I will save $2 of my $5 allowance each week for 10 weeks and use $30 of my savings to buy the $50 video game I want.

Front

What is the difference between a want and a need?

Back

A want is something you desire but can live without, while a need is something essential for survival or well-being.

Front

What is Medicare?

Back

A federal health insurance program for those 65 and older, funded by employees throughout their working years.

Front

What is a budget?

Back

A plan that outlines expected income and expenses over a specific period.

Front

What is an allowance?

Back

A set amount of money given regularly, often to children, to manage their spending.

Front

What are garnishments?

Back

Court-ordered deductions from a person's paycheck to pay off debts.

Front

What is FICA?

Back

Federal Insurance Contributions Act; it includes Social Security and Medicare taxes.