Personal Finance JA section 4

A record of income and expenses

• interest
• expenditures
• income
• budget

Discretionary income is 

• extra money after you pay your bills
• part of your monthly bills
• money you can't spend
• money lost to taxes

Which of the following would be part of monthly bills every month?

• water
• electricity
• insurance
• all of the above

Which pay is your take home pay after taxes?

• net income
• gross income

Net income minus expenses gives us your what?

• bills
• interest
• account balance
• income

When you buy one thing it might make it so you can't buy another item you want also. What is this called in our book?

• lame situation
• bad luck
• opportunity cost
• scarcity

When making a budget you should save some money for long term goals. How long are long term goals?

• over a week
• over a month
• over 20 years
• over a year

Everyone pays this type of tax.

• income
• sales
• FICA
• estate

FICA tax on your paycheck is collected for Medicaid and what else?

• income tax
• sales tax
• social security
• health

One item many people forget to budget for is?

• gifts
• housing
• food
• transportation