EPF Unit 6 Budgeting test review

Spending more money than one takes in.

• Deficit

• Surplus

• Premium

• Revenue

Money taken from your gross paycheck for taxes.

• Withholding

• Premium

• Interest

• Dividend

Income after taxes is also known as:

• Net Income

• Gross Income

• Additional Income

• Adjusted Income

Remaining income after taxes and mandatory expenses.

• Discretionary Income

• Disposable Income

Remaining income after taxes.

• Discretionary Income

• Disposable Income

Payment for a unit of labor (usually hourly).

• Wage

• Salary

Which of the following is considered a "need" when budgeting?

• money for eating out
• money for going to the movies
• money to pay for your house
• money for your dog's toys

What is the money borrowed that must be repaid, usually with interest?

• loan

• check

• checking account

• savings account

Which statement is TRUE about car loans?

• Long-term loans are the best because you save money over time.

• Short-term loans offer you the lowest monthly payment, but you pay more money over time.

• The lower your down payment, the lower the total amount you end up owing on your loan.

• Long-term loans offer you the lowest monthly payment, but you pay more money over time.

Having a good credit score is important because ___________.

• it can impact your ability to get a driver’s license

• it can impact your ability to get bank loans

• it can impact how much you will have to pay the government in taxes

• it can impact how much you will have to pay for college