Personal Finance - Budget Review

A wage is a set payment amount

• True
  
• False

A Salary is a _____________________

• hourly pay amount
  
• fixed regular payment
  
• paid bi weekly or monthly.

Salaried employee does not get over time because they have a set amount of pay

• True
  
• False

A wage pay job qualifies you for overtime

• True
  
• False

Which amount will be paid into the employees account?

• Gross Pay

• Deductions

• Net Pay

• Contributions

The amount of gross pay earned when wage is multiplied by hours is the definition of ________________.

• Regular pay

• Net pay

• Overtime Pay

• Total pay

You make $14.10 an hour. What is the following calculation an example of?

$14.10 x 20 hours = $282.00

• Overtime Pay

• Regular Pay

• Gross Pay

• Salary Pay

What is largest expense that most households spend money on?

• Taxes

• Housing

• Transportation

• Food

Which of the following will be a fixed expense? Select all that apply

• Rent

• Car Payment

• Utilities

• Gas

Which of the following is a variable expense? Select all that apply

• Groceries

• Car Payment

• Utilities

• Gas