Managing Money

What is a need?

• Something you must have

• Something you'd like to have

• Something you would like to do

• All of the above

Deductions are:

• Items that are taken out of your paycheck

• The stub ends of your paycheck

• Those times you work for no pay

• Any overtime pay you receive

Net pay is:

• The taxes that the employer keeps

• The amount you take home

• The extra money you receive for overtime

• Hourly pay rate times hours worked

Paul works in a florist shop. He works 35 hours per week and makes $8.00 per hour. He is paid every two weeks. His deductions total $89 per pay period. What is his net pay per pay period?

• $280.00

• $191.00

• $471.00

• $560.00

Gross pay is:

• An amount of money too large to carry

• Your paycheck amount before deductions

• A really ugly-looking paycheck

• Your paycheck amount after deductions

Now let's figure Jose's gross pay. Jose earns $23,010 per year and is paid every two weeks. How much is Jose's gross pay per pay period?

• $442.50

• $500

• $885

• $958

Why is it important to develop a monthly budget?

• It will help make sure you can pay your bills.

• It will help you prioritize spending.

• It will help you use your money wisely.

• All of the above.

Which of the following is least important when determining your budget?

• overtime pay

• net pay

• anticipated expenses

• deductions

Which of the following are important items to include in your anticipated monthly expenses?

• rent

• utilities

• groceries

• all of the above

Your net pay is $312.50 every two weeks. If you want to save 10 % of your take home pay, how much should you save from your paycheck?

• $11.17

• $31.25

• $37.27

• $25.00