Budgeting

Front

How do wages and salary differ?

Back

Salary describes what you earn on an annual basis.

Front

Which of the following are TRUE about gross income and net income? They are the same thing, Gross income is the total amount earned AFTER deductions, Gross income is the total amount earned BEFORE deductions, Net income is the total amount earned BEFORE deductions

Back

Gross income is the total amount earned BEFORE deductions

Front

Which of the following may NOT always appear on your paycheck stub? Gross Pay, Net Pay, Your Role/Title, Local Tax

Back

Your Role/Title

Front

Which of the following might you pay WHEN you sign your lease? Finder's fee, Application fee, Security deposit, Renter's insurance

Back

Security deposit

Front

According to a rule of thumb, rent shouldn't take up more than ___ % of your take-home pay.

Back

25-30%

Front

About how much of your income should go towards transportation?

Back

15-20%.

Front

Jenna wants to decrease the amount of $ she spends on food. Which of the following would help?
- Decide what she will make for dinner that same day
- Go to the grocery store with a list
- Go to the store whenever she needs 1-2 items
- Eat at fast food restaurants multiple times a week

Back

Go to the grocery store with a list

Front

In "pay yourself first" budgeting, what's typically the first action after getting paid?

Back

Transfer money to your savings account

Front

What is a "fixed expense" in a budget?

Back

An expense that stays the same each month

Front

Which budgeting approach is most likely to help someone who tends to overspend on impulse purchases? Options: Tracking expenses after each purchase, Using only cash for non-essential spending, Automating all bill payments, Reviewing expenses at the end of each month

Back

Using only cash for non-essential spending