2.3: Net Income and Personal Expenses

2.3: Net Income and Personal Expenses

Multiple Choice

Net Income =

• Gross Income + Deductions

• Gross Income - Deductions

• Deductions - Gross Income

• None of the above

Multiple Choice

The amount of deductions from somebody's pay depends largely on :

• Their height

• Their level of education

• Their hair colour

• Their Gross Income

Multiple Choice

Evaluate without a calculator. 20 is what percent out of 40?

• 50

• 60

• 70

• 80

Multiple Choice

Evaluate without a calculator. 15% of $200 is:

• $15

• $20

• $25

• $30

Multiple Select

Which of the following would be considered essential expenses (check all that apply)?

• Rent

• Food

• Entertainment

• Water Bill

• A new stereo

Multiple Select

Which of the following would be considered non-essential expenses (check all that apply)?

• Mortgage payment

• Video Games

• Food

• Going to a restaurant

• Sporting Event

Multiple Select

Which of the following would be considered fixed expenses? (check all that apply)

• Rent

• Clothing

• Cable bill

• Cable Bill

• Vacation

Multiple Select

Which of the following would be considered a variable expense? (check all that apply)

• Rent

• Clothing

• Cable bill

• Cable Bill

• Vacation

Open Ended

Many people consider savings a fixed expense. Why do you think this is a good idea?

Multiple Choice

When you start planning and budgeting your expenses, what is your starting point?

• Gross Income

• Net Income

Homework

• Warm-up page 46 #1-4

• Page 46-49 #1-5