Budgeting

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

Examples of Fixed Expenses include: Mortgage, loans, rent, Cable, entertainment, food, Gas, food, phone, Clothing, gas, food

Back

Mortgage, loans, rent

Front

Fixed or variable expense: Groceries

Back

Variable

Front

Utilities

Back

Variable Expenses

Front

Which is a saving strategy where you put a fixed amount of money into a savings account immediately after receiving your paycheck instead of seeing what is left after paying for needs and wants?

Back

Pay Yourself First

Front

Which of the following is an optional deduction from your pay stub/check? State Income Tax, Garnishments, Health Insurance, FICA - Social Security

Back

Health Insurance

Front

Which is true of the zero based budget strategy?

Back

You account for every penny even if it goes into savings or an emergency fund.

Front

Federal taxes, state taxes and FICA tax are classified as

Back

Mandatory and standard deductions

Front

What is the benefit of voluntary paycheck deductions like 401K and Health Savings Account deductions?

Back

Lowers Taxable Income (comes out of check before taxes)

Front

Paying rent or a mortgage is an example of a(n) __________ expense.

Back

fixed