Unit 6: Budgeting & Banking Review

Vocab: money needed to sustain a certain level of living, including basic expenses like housing, food, taxes, and healthcare

• cost of living

• deductions

• wealth

• minimum wage

• living wage

Vocab: any items subtracted from your paycheck

• cost of living

• deductions

• wealth

• minimum wage

• living wage

Vocab: the total value of money and other assets, minus outstanding debts

• cost of living

• deductions

• wealth

• minimum wage

• living wage

Vocab: lowest wage per hour that a worker may be paid, as mandated by federal and state law

• cost of living

• deductions

• wealth

• minimum wage

• living wage

Vocab: a theoretical income level that allows an individual or family to afford adequate shelter, food, and other basic necessities

• cost of living

• deductions

• wealth

• minimum wage

• living wage

True or False: EVERYONE needs a budget

• True

• False

Fixed or variable cost: Rent/mortgage

• Fixed

• Variable

Fixed or variable cost: new clothes

• Fixed

• Variable

Fixed or variable cost: entertainment

• Fixed

• Variable

Vocab: "Pay yourself first"

• theory that you should always pay your fixed costs before variable costs, then put money into your savings

• theory that you should always put money in savings first, then spend money on fixed costs, then variable costs

• theory that you should always pay your fixed costs before putting money into your savings, then pay variable costs