Budgeting Test

How do wages and salary differ?

• Wages describe what you earn on an annual basis

• Salary describes what you earn on an annual basis

• Wages mean you have a standard amount in each paycheck

• Salaried employees are likely to be paid for overtime

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

Tags

CCSS.7.RP.A.3

It's common to have all of the following expenses BEFORE signing a lease EXCEPT...

• Renter's Insurance

• Application fee

• Application deposit

• Apartment hunting expenses

Tags

CCSS.L.11-12.6

CCSS.L.8.6

CCSS.L.9-10.6

CCSS.W.11-12.2D

CCSS.W.9-10.2D

Which of the following is NOT a need/fixed expense?

• Food

• Clothes

• Netflix

• Shelter

Why budget?

• prevent overspending

• plan for future

• save money

• all of these

A plan for your estimated income, expenses, and savings.

• Credit Rating
• Budget
• Bankruptcy
• Financial Goals

Tags

CCSS.7.EE.B.3

CCSS.7.EE.B.4

CCSS.7.NS.A.1

CCSS.7.NS.A.3

CCSS.7.RP.A.3

If your net monthly income from your job is $600, and you want to save 25%, how much would you save each month?

• $125

• $150

• $200

• $250

Tags

CCSS.7.RP.A.2

CCSS.7.RP.A.3

The money that you receive for mowing the lawn, babysitting or making good grades is called__________. 

• income 
• credit 
• debt 
• interest 

An example of a variable (flexible) expense is

• Car Insurance
• Rent
• Entertainment
• Student loan payment

A _____ is something that is necessary for humans to live a healthy life an example could be food, water, medical, housing, clothing

• Need 
• Want

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.2

CCSS.RL.8.1

CCSS.RL.9-10.2