personal Econ/Decoding

includes the total amount of income that you earned during a pay period?

• Medicare

• Net pay

• Gross pay

• Federal tax amount

What is variable expenses?

• Groceries, Dining out, Car repairs, Gasoline

• Electric Bill, Cable bill, Mortgage/rent, Cell phone bill

Examples of fixed Expenses

• electric bill, cable bill, mortgage/rent, cell phone bill

• groceries, dining out, car repairs, gasoline

What is plans such as 401 K or 4o3 (B)

• Year-to-date

• retirement plan contributions

• state tax amount

• Leave time

What type of pay period is determined by your employer

• Bi - weekly

• Bi - monthly

• Yearly

what is a current liability?

• Asset that can be converted into cash within 12 months

• Asset that that cannot easily be into cash within 12 months

• Monies that you owe and can pay off within a 12 month period

• long term investments not intended to be converted into cash in the short term.

What is a Fixed asset?

• Asset that can be converted into cash within 12 months

• Asset that that cannot easily be into cash within 12 months

• long term investments not intended to be converted into cash in the short term.

• money/monies that an individual or business owes to creditors.

What is a Liquid asset?

• Asset that can be converted into cash within 12 months

• Asset that that cannot easily be into cash within 12 months

example of a liquid asset?

• equipment, buildings, automobiles

• checking or savings account

Asset that can be converted into cash within 12 months

• FIXED ASSET

• LIQUID ASSET