PF Unit 4 Test: Budgeting & Systems of Inequalities

Front

What is the formula to calculate total income in a spreadsheet?

Back

Total Income = C4 * D4 (where C4 is the quantity and D4 is the price per unit).

Front

What is the best budgeting advice for inconsistent income?

Back

Save a lot in months when you make a lot of money.

Front

What budgeting strategy allocates every dollar of income to expenses or savings?

Back

Zero-based budgeting.

Front

What is a disadvantage of hourly work?

Back

Consistent paycheck.

Front

Using the 50/30/20 budgeting method, how much of a $6000 monthly income is allocated to wants?

Back

$1,800.

Front

Define Zero-based budgeting.

Back

A budgeting method where every dollar is allocated to expenses or savings, leaving no unaccounted funds.

Front

What is the 50/30/20 budgeting rule?

Back

Allocate 50% of income to needs, 30% to wants, and 20% to savings.

Front

What is the cash envelope system?

Back

A budgeting method where cash is divided into envelopes for different spending categories.

Front

What are the benefits of hourly work?

Back

Opportunities for overtime and holiday pay, some control over scheduling, and the ability to pursue other jobs.

Front

What does it mean to have a consistent paycheck?

Back

Receiving the same amount of money regularly, typically associated with salaried positions.