Understanding Personal Finance Basics

What is Gross Pay?

• The amount of money you take home after all deductions.

• The total amount of money earned before any deductions.

• The amount of money left after paying all expenses.

• The amount of money saved each month.

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DOK Level 1: Recall

• $2500

• $3000

• $3500

• $500

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DOK Level 2: Skill/Concept

Which of the following is a Fixed Expense?

• Groceries

• Rent

• Entertainment

• Clothing

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DOK Level 1: Recall

Identify the Need from the following options:

• New smartphone

• Monthly rent

• Movie tickets

• Designer clothes

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DOK Level 1: Recall

Which of the following is considered a Want?

• Water bill

• Electricity bill

• Dining out

• Mortgage payment

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DOK Level 1: Recall

• $1000

• $3000

• $4000

• $500

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DOK Level 2: Skill/Concept

What is the formula to calculate Net Pay?

• Gross Pay + Deductions

• Gross Pay - Deductions

• Gross Pay x Deductions

• Gross Pay / Deductions

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DOK Level 1: Recall

Which of the following is an example of a Variable Expense?

• Car payment

• Gym membership

• Utility bill

• Internet bill

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DOK Level 1: Recall

• $3800

• $6200

• $5000

• $1200

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DOK Level 2: Skill/Concept

Which of the following is NOT a Fixed Expense?

• Mortgage payment

• Car insurance

• Grocery bill

• Rent

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DOK Level 1: Recall