Test Review

Which of these takes needs into account?

• Disposable income

• Net income

• Discretionary income

• Variable income

Which of these is a fixed expense?

• Gas

• Food

• Stocks

• Savings

Emergency funds should last

• 1 month

• 3 months

• 1 year

• 3 years

What is the variable expense?

• Rent

• Groceries

• Eating out

• Student loans

When income is less than expenses

• Deficit

• Surplus

• Balanced

Synonym with net income

• disposable income

• discretionary income

• none of these

Which TWO ARE the voluntary deductionS?

• Insurance

• Retirement

• Income tax

• Social Security

What is UNearned income?

• Tips at your job

• Money you get from selling cars

• Interest in a savings account

• The extra money from overtime

What does a W4 form do?

• Gives the government your personal information

• Decides how many allowances you get on your paycheck

• Determines your taxable income

• On your birthday the government needs to know your info

What is a liability?

• Something that you own

• Something that you owe

• Something that you can't access

• A personal finance thing