Do Now #6: Vocab & Net Income

Front

What is a Budget Surplus?

Back

A Budget Surplus occurs when income exceeds expenses or spending.

Front

How do you calculate net pay?

Back

Net pay is calculated by subtracting taxes from gross pay.

Front

What is Kimora's gross pay for one week if she earns $23.50 per hour and works 35 hours?

Back

$822.50

Front

What are Variable Expenses?

Back

Variable Expenses are costs that change from month to month, such as groceries or entertainment.

Front

What is the purpose of a budget?

Back

A budget helps individuals plan their income and expenses to manage their finances effectively.

Front

What is the Envelope System in budgeting?

Back

The Envelope System is a budgeting method where cash is divided into envelopes for different spending categories.

Front

What are Budget Percentages?

Back

Budget Percentages are a method of allocating income into different categories based on a percentage of total income.

Front

What is a Fixed Expense?

Back

A Fixed Expense is a cost that remains the same each month, such as rent or mortgage payments.

Front

How do you find the total income for two weeks?

Back

Multiply the weekly income by 2.

Front

What is the formula to calculate gross pay?

Back

Gross pay = Hourly wage x Hours worked.