Shroutrageous Income and Saving

The total amount of earnings made over a month, after any deductions, is known as

•  Gross annual income

  
  

• Gross monthly income

• Net annual income

  
  

• Net monthly income

The total amount of earnings made over a month, before any deductions, is known as

• Gross annual income

  
  

• Gross monthly income

• Net annual income

  
  

• Net monthly income

  
  

True or false: One of the most important reasons to save is to be able to pay for unexpected expenses.

• True

• False

Marina has a job working at Moe's. She is paid $7.00 an hour. What is NOT true about her paycheck?

• She will have deductions taken from for taxes

• It is income, because it's money earned for labor.

• It is wages, because it's paid hourly.

• It earns her a credit card because she now has credit.

What is the term for the amount of money left after all deductions are made from a paycheck?

• Annual salary

• Net pay

• Gross pay

• Hourly wage

Which of the following is NOT considered a deduction from your paycheck?

• Overtime pay

• Retirement contributions

• Health insurance premiums

• Federal taxes

True or false: Saving money can help you achieve long-term financial goals.

• True

• False

What is the term for the amount of money earned before any taxes or deductions are taken out?

• Annual salary

• Hourly wage

• Gross pay

• Net pay

True or false: Gross income is the same as net income.

• False

• True

True or false: When Ryan paid Mason an extra 25 cents for the dollar he borrowed from him, he was paying him interest.

• True

• False