Unit 6: Budgeting & Banking Review

Front

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

Back

cost of living

Front

Vocab: any items subtracted from your paycheck

Back

deductions

Front

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

Back

wealth

Front

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

Back

minimum wage

Front

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

Back

living wage

Front

True or False: EVERYONE needs a budget

Back

True

Front

Fixed or variable cost: Rent/mortgage

Back

Fixed

Front

Fixed or variable cost: new clothes

Back

Variable

Front

Fixed or variable cost: entertainment

Back

Variable

Front

Vocab: "Pay yourself first"

Back

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