CF I 2nd 9 Weeks Test 24-25

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 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

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

Front

A debt you owe for goods (ex. food, games or clothes) and services (ex. hair cut).

Back

Bills

Front

Money collected by the government through taxes is called what?

Back

Revenue

Front

A plan for spending and saving income during a set period of time.

Back

Budget