Money Management

In a BUDGET- Water, Electric and Gas are categorized as ______ expenses

• Debt

• Housing

• Utilities

2.The amount an employee takes home after deductions

• Budget

• Debt

• Gross Income

• Net Income

The money an individual spends regularly for goods and services.

• Budget

• Expenses

• Checking Account

• Financial Plan

Tax levied by a US government directly on personal income.

• Budget

• Federal Income Tax

• Net Income

• Expense

What are your options if you have a DEFICIT at the end of the month?

• Make more friends

• You can work less hours

• Spend less, make more or borrow money

• You are on track to financial freedom

What is a surplus?

• An extra charge that goes onto your credit card bill

• When you spend more than you earn

• When you earn more money than you spend and have money left over

• Any income that you earn

If expenses were to exceed income, what would be a financially smart solution?

• Earn less income

• Decrease expenses

• Increase purchases

• Use a credit card more often

What is an expenditure?

• Money earned by a worker

• Money spent

• Benefits from a job

• Money saved

According to financial experts, how many months of expenses should someone set aside for emergencies?

• Not necessary

• 3-6 months

• None- just borrow when an emergency arises

What two components make up a budget?

• Income and Expenses

• Savings and Interest

• Income and Investments

• Expenses and Expenditures