Personal Finance

What is income?

• wages paid to businesses for selling goods

• Money that a household splits among all of it's members

• Money that is made from people selling labor and other resources to businesses

• Profits made by the government on taxes

Bob getting paid $10 an hour to keep Kroger clean is an example of ........

• Salary

• Hourly Wage

• Retirement

• Commission

Bob getting paid $35,000 a year to keep Kroger clean is an example of......

• Salary

• Hourly Wage

• Retirement

• Commission

Bob sold John a house and earned 3% of the selling price as his income for making the sale. This is an example of ............

• Salary

• Hourly Wage

• Retirement

• Commission

Even though Bob is older and has stopped working, he gets a check every month for $2,500 from his former employers

• Salary

• Hourly Wage

• Retirement

• Commission

Bob has a 401K which means when takes money out of his paycheck for retirement that ________________ will happen

• The government will match what Bob saves for his retirement

• Bob's employer will match the amount of money Bob takes from his check for retirement

• The government will tax the money at a higher rate

• Bob will recieve a check directly from his old employer for the rest of his life

Bob has a pension which means ..............

• The government will match what Bob saves for his retirement

• Bob's employer will match the amount of money Bob takes from his check for retirement

• The government will tax the money at a higher rate

• Bob will receive a check directly from his old employer for the rest of his life

A budget is a ...............

• plan on how to save for college and other emergencies

• money borrowed to pay bills

• a plan to help manage a family's income and expenses.

• wages paid to people unable to work

The term expenses refers to.....

• money people are paid for work

• money that people have to spend on things like rent, gas, and groceries

• Money saved for retirement

• extra money paid to workers when they retire.

When saving money for emergency situations, families should try to save at least ______ amount of income

• 1 month

• 3 months

• 6 months

• 2 years