Personal Finance and Budgeting Terms

Interest is...

• Interesting

• money that is given to the government for taxes

• a fee that is paid when you borrow money

• additional money that is added to a paycheck

Your pay before tax deductions is known as

• Total Income

• Paycheck

• Net pay

• Gross pay

Which form is filled out prior to beginning employment at a company?

• W2

• W4

• 1040

• 1099

Which of the following is a way to save for retirement?

• 1040

• W4

• 401k

• W2

Social Security and Medicare are funded by this tax...

• State

• Federal

• Disability

• FICA

Which vocab term is for a written spending plan, or written money management plan?

• Journal

• Checkbook

• Budget

• Money log

FICA stands for

• Federal Information Constitution Act

• Free Information Contribution Act

• Free Insurance Contribution Act

• Federal Insurance Contribution Act

Which expense changes from month to month?

• Fixed Expense

• Monthly Bills

• Variable Expense

• Income

Someone who relies on another person for food, shelter, financial support, etc. is known as a...

• Infant

• Freeloader

• Dependent

• Irresponsible

A portion of an employee's paycheck that is not included in his/her paycheck and is contributed to state and federal needs.

• Bills

• Variable Expense

• Deduction

• Withholding