Budgeting Basics

Which of the following are TRUE about gross income and net income? (hint: choose 2 correct answers)

• Gross income and net income are the same

• Net income is sometimes called "take home pay"

• Gross income is the total amount earned before deductions

• Net income is the total amount earned before deductions

Doing a budget does not:

• show if you are overspending in an area

• make overspending more likely

• remove guilt and shame sometimes associated with a purchase

• make your money go further

Which of the following is NOT a need?

• Food
• Clothes
• Netflix
• Shelther

Tags

CCSS.L.1.5A

CCSS.L.1.5B

CCSS.L.K.5A

What is something financially wise consumers do?

• postpone major purchases until money can be saved for it
• spend now, figure out how to pay for it later
• worry about emergencies when they happen
• set only short term financial goals

Which of the following is NOT a wise financial decision?

• using credit for everything
• saving for the future
• writing down expenses to track spending
• creating a budget based on your NET income

A plastic payment card linked to a financial account and is used for transactions.

• Debit Card
• Credit Card
• Checking Account
• Savings Account

The actions of depositing and withdrawing money.

• Microtransactions
• Saving Money
• Transactions
• Shoe Laces

An account that customers use for financial transactions such as depositing and withdrawing money.

• Savings Account
• Debit Card
• Financial Institute
• Banking Account

To put money into an account.

• Deposit
• Withdraw
• Savings for a chicken
• Interest for a cow

To take money out of an account.

• Take back
• Withdraw
• Deposit
• My money