budgetting

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

Check 4 expenses you may have with a vehicle:

• insurance

• Gasoline

• Movie Tickets

• Oil change

• repairs

Select 2 things that can be considered a Flexible Expense.

• Rent

• Car Payment

• Food

• Entertainment

An example of a variable expense is

• Electric

• WiFi

• Book of the Month Club

• Netflix

what is the definition of Budget

• a document that provides information about an individual's current financial position and presents a summary of income and spending

• a plan for using money to meet wants and needs Income cash

• the difference between the amount that you own and the debts that you owe

• $5.23
• $5.59
• $5.54
• $5.89

How much?

• $40

• $4

• $20

• $80

What does the M in SMART goal mean?

• Monthly
• Meaningful
• Measureable
• Manageable

Chocolate ice cream

• need

• want

What is a need?

• Something you must have

• Something you'd like to have

• Something you would like to do

• All of the above