Dollars and Sense Review

A good piece of advice when it comes to handling money is...

• Have a plan

• Live on less than you earn

• Stay away from debt

• All of the above

If we are smart with our money, we can set ourselves up for financial success in the future.

• True

• False

It's good to learn about money and budgeting while you are young, because many people wait too late and end up getting into debt.

• True

• False

Term used for the total amount of money required to live; including housing, food, taxes, and other necessities.

• cost of living

• utilities

• credit report

• federal taxes

Money received for work, as a gift, or through investments is called...

• Credit

• Income

Debt is ...

• money you owe to others

• the loss of value of an asset

• failure to repay a loan

• the original amount of a loan

The best way to be smart with your income is to have a budget. A BUDGET is ...

• a spreadsheet

• a written plan for spending and saving

• the original amount of a loan

• a form to prove your identity

A budget will help you spend less than you make, and then invest the rest wisely.

• True

• False

The form you fill out to prove your IDENTITY is called _____.

• I-9

• W-4

• W-2

• W-3

You just got a new job. You make $400 week before taxes. $400/week is your _________.

• Gross income

• Net income

• Passive Income

• Taxable income