FLASHCARDS, Money Skills Unit Test Review 2025

Front

A budget is based on which two things?

Back

The money coming in (income) and the money you're spending and/or saving.

Front

When budgeting, what should you prioritize?

Back

Ensure all your needs are met first, then decide which wants to spend on.

Front

An example of when an unlimited data phone plan would be considered a NEED?

Back

You have a long bus ride each direction to and from work, and use that time to complete homework and submit it online.

Front

How much you earn in a pay period. For example, if you make $10 per hour and work 15 hours, you would earn $150.

Back

Gross Pay

Front

To determine if an item is a NEED or a WANT, which question should you ask yourself?

Back

Will I suffer negative consequences, be at risk, or not be able to function as well without this item?

Front

If your gross pay is $500 and your net pay is $425, then you had $75 taken for what?

Back

Deductions

Front

Why should you use your net pay when creating a budget?

Back

Your net pay provides a more accurate picture of how much money you have available to spend or save.

Front

Is home insurance a personal expense or a tax?

Back

Personal Expense

Front

What is National Debt?

Back

When the federal government spends more money on programs than it collects in revenue, it has to borrow money to pay for those programs.

Front

How do you divide your money according to the 50/30/20 rule of budgeting?

Back

50% to needs, 30% to wants, and 20% to savings.