Budgeting Test

Front

Which of the following represents the 50/20/30 Rule for budgeting? 20% Needs, 50% Wants, 30% Savings; 50% Savings, 30% Needs, 20% Wants; 30% Wants, 50% Savings, 20% Needs; 50% Needs, 30% Wants, 20% Savings

Back

50% Needs, 30% Wants, 20% Savings

Front

If the federal government spends more money than it collects, it results in which of these? Discretionary Spending, Interest Savings, Borrowing Money/Debt, Mandatory Spending

Back

Borrowing Money/Debt

Front

Which of these may be a want for a 9 year old but a need for a 16 year old with a job?
Cell phone, $300 Sneakers, Netflix, A Dog

Back

Cell phone

Front

If you get money each week from your parents, possibly for doing chores, this is called what?

Back

An Allowance

Front

Things you would like to have but are not necessary.

Back

Wants

Front

Rent, electricity, gas, phone, groceries are examples of costs which are called what?

Back

Expenses

Front

The total amount of money you receive in a paycheck before anything is taken out is called what?

Back

Gross Pay/Income

Front

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

Back

Pay Stub

Front

Money that is deducted from a person's income or a company's profits for federal or state purposes.

Back

Income Taxes

Front

Money that is set aside for future short or long term goals or emergencies is called what?

Back

Savings