Budgeting

Front

What is a budget?

Back

A plan for spending and saving your money.

Front

Adda has just moved into her own apartment and is working full time. Each item below would go into her budget in the "Monthly Bills" category EXCEPT... Cell phone plan, Rent, Electricity bill

Back

Clothing

Front

What is income?

Back

The money that you earn

Front

Marshawn is trying to determine if an item at the mall is a NEED or a WANT. Which question will be most helpful? Options: Will something bad happen if I don't have this?, Do any of my friends have this item?, How happy will this item make me?, Will my teachers be excited if I buy this item, or will they be disappointed?

Back

Will something bad happen if I don't have this?

Front

What is gross pay?

Back

The money that you earn before taking out deductions

Front

What is net pay?

Back

The money that you earn after taking out deductions.

Front

Justine's part-time job pays her $8 per hour. She works for 10 hours this pay period. How much is her gross pay?

Back

$80.00

Front

Brandon receives his paycheck, and it says his gross pay is $250 and his net pay is $200. How much money did he have in deductions this pay period?

Back

$50.00

Front

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

Back

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

Front

Three of these items represent services provided by the federal government using taxpayer money. Which one represents a personal expense instead? National Defense, Social Security, Medicare, Car insurance

Back

Car insurance