Income and Budgeting Quiz

Define income in your own words.

List three sources of income a high school student might have.

Why is saving important? Provide two reasons.

If you earn $100 a week and save 20%, how much will you save in one month?

(a)  

Imagine you have $50 to spend for the week. Write a mini budget that includes: - Necessities - Savings - Fun spending

What would you do differently if your income was cut in half?

Write one long-term goal that saving money could help you achieve.

This is how much a person earns for every hour worked

• net pay

• gross pay

• hourly pay

• salary

Money earned through work.

SYNONYMS

earnings, wage, profit

• income

• outcome

• expense

• account

Answer explanation

Finally having an income through your grocery store job makes you feel like a boss. (Not to be confused with actually being the boss.)

You have been offered 2 jobs and need to choose which has the best financial offerings. Job 1 will pay you $35,000/year and offers you travel reimbursement of .60cents per mile (from your home to your office it will be 18 miles one way).

You will work 32 hours a week at either job (4 days).

Job 2 will pay you $37,000/year and offers no travel incentive. But the commute is 15 miles one way.

Both jobs offer 401k retirement with 2% matching

Job 1 offers employer split medical insurance at 50them/50you ( the single plan is $400 monthly fee)

Job 2 offers employer split medical insurance at 30them/70you (the single plan is $400 monthly fee)

What is the best job to bring home the most net income?