PBMF Ch 16 section 2-3: Budgeting Techniques, Taxes

Front

A tax is a charge imposed by federal, state, and local governments to finance public services. True or False?

Back

True

Front

A budget can help you buy wisely and avoid credit problems.

Back

True

Front

An expense is the amount of money you plan to use for a certain budget category.

Back

False

Front

A difference between actual spending and budgeted spending is called a budget variance.

Back

True

Front

Using your checkbook as a budgeting system does not serve the purpose of planning for spending.

Back

True

Front

A gift tax is based on the value of a person’s property at death.

Back

False

Front

A tax deduction is an amount that increases taxable income.

Back

False

Front

Your financial needs will change as you move through your life.

Back

True

Front

Take-home pay is the amount you have left in your paycheck after you pay your bills for the week, after taxes and deductions, before taxes and deductions, before you pay your bills for the week

Back

after taxes and deductions

Front

Setting financial goals is the ___ step in creating and using a budget.

Back

first