My Future

Your _____ salary is the amount before deductions and taxes.

Which of the following are pre-tax deductions? Choose ALL that are correct.

• insurance

• groceries

• 401 k retirement

• car payments

• mortgage

You pay the same insurance premium no matter if you are single or married with kids.

• true

• false

What is an insurance deductible?

• the amount you pay each month for your plan

• the amount you pay out-of-pocket before your plan kicks in

• the amount the government puts away for taxes

• the amount you get back when you file your taxes

Were you able to afford the cost of living on your salary with your household expenses?

• yes

• no

• only after I made adjustments to my budget

The goal of a budget is _________________.

• to spend more than you make

• to spend less than you make

Which of the following are considered fixed expenses? (You can choose more than one.)

• Cable subscription

• Electricity

• Insurance coverage

• Rent

• Medical fees

The following could be considered long-term financial goals, except:

• College tuition fee

• Retirement

• Dinner date for two

• Real estate

What is an expense?

• Money that you spend or give away.

• Money that you earn.

• Money that you put away for later.

What is overspending?

• Using money you get to spend.

• Using more money than you have available.

• Using money you have in the bank.