Paycheck and Budget Terms Assessment

Front

An employee's total earnings before taxes and other deductions.

Back

Gross pay

Front

_______________________________ - an employee's take home pay after taxes and other deductions have been subtracted.

Back

Net pay

Front

________________________ - a plan for spending and saving money based on your income and expenses for a set period of time.

Back

Budget

Front

_______________________________ wages withheld from an employee's total earnings for the purpose of paying taxes, garnishments and benefits, like health insurance.

Back

Deductions

Front

_______________________________ - expenses you have already agreed to pay and must be paid by a particular date. Examples include rent/mortgage for housing, car payment.

Back

Fixed expenses

Front

_______________________________ expenses that vary (change) each month. Examples include groceries, electricity, gas, water, utilities.

Back

Variable expenses

Front

________________________ things that people require to survive. Examples include Food, water, clothing, and shelter.

Back

Needs

Front

________________________ things that a person would like to have but are not needed for survival. Examples include expensive shoes, or the most recent electronics.

Back

Wants

Front

50/30/20 plan for preparing a budget: ________% of your take home pay should go towards needs, ________% should go towards wants and ________% for savings and debt repayment.

Back

50% needs, 30% wants, 20% savings and debt repayment