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Budgeting Test Part 1 (I)

Budgeting Test Part 1 (I)

Assessment

Flashcard

Mathematics

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

Student preview

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15 questions

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1.

FLASHCARD QUESTION

Front

What is a pay stub?

Back

A pay stub is a document that an employer provides to an employee that outlines the details of their earnings and deductions for a specific pay period.

2.

FLASHCARD QUESTION

Front

What does gross pay mean?

Back

Gross pay is the total amount of money earned by an employee before any deductions are taken out.

3.

FLASHCARD QUESTION

Front

What is net pay?

Back

Net pay is the amount of money an employee takes home after all deductions have been subtracted from gross pay.

4.

FLASHCARD QUESTION

Front

What are fixed expenses?

Back

Fixed expenses are costs that do not change from month to month, such as rent or loan payments.

5.

FLASHCARD QUESTION

Front

What are variable expenses?

Back

Variable expenses are costs that can fluctuate each month, such as groceries or entertainment.

6.

FLASHCARD QUESTION

Front

What is FICA?

Back

FICA stands for the Federal Insurance Contributions Act, which is a U.S. law that mandates a payroll tax to fund Social Security and Medicare.

7.

FLASHCARD QUESTION

Front

What is the purpose of withholding taxes?

Back

Withholding taxes are deducted from an employee's paycheck to cover their estimated tax liability for the year.

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