Chp 17.4- Budgeting

Front

True or False: Fast-foods and restaurant meals tend to be the most costly items in a food budget.

Back

True

Front

Which of the following is an example of a flexible expense? Rent, Car payment, Groceries, Health insurance

Back

Groceries

Front

Which of the following is a correct example of a fixed expense? Groceries, Gas, Rent, Medical bills

Back

Rent

Front

Your net income is _____.

Back

your taxable income after certain deductions

Front

Which element of a personal budget is the money that a person earns or receives?

Back

income

Front

Which part of a personal budget records the amount of money a person spends?

Back

expenses

Front

What is gross pay?

Back

The amount of money a worker earns before deductions.

Front

What is the main difference between debit cards and credit cards?

Back

Debit cards use your own money, while credit cards give you a loan

Front

What is the importance of filing taxes?

Back

Filing taxes is important because it is a legal requirement and helps fund government programs and services.

Front

What are some common taxes on a paycheck?

Back

federal income tax, state income tax, Social Security tax, Medicare tax