OCS FINAL EXAM

What do we call the amount left over from your paycheck after taxes and deductions?

• balance

• 
  gross balance

• 
  transaction

• net pay

A plan for spending

• income

• expenses

• sales tax

• 
  budget

Which is an example of a variable expense?

• car payment

• 
  mortgage

• electricity bill

Which type of expenses are these, rent, car payment?

• Crazy bills

• Variable expense

• 
  Fixed expense

What do we call the amount of money left over each month after you have paid all of your expenses?

• Surplus

• 
  Straight cash homie

• 
  Debt

• Diversification

The most reliable source for buying a used car is usually:

• 
  a rental car company

• a police auction

• a car dealer

• private party sales

  
  

Which type of tax comes out of your paycheck?

• Sales

• 
  Property

• 
  Income

• 
  Payroll

Which of the following forms of payment need a PIN?

• 
  cash

• 
  check

• debit card

Which method of paying requires you to arrange in advance?

• credit card

• 
  automatic draft

• check

Which of the following steps is the First Foundation? 

• Pay cash for your car 
• Build wealth and give
• Save a $500 emergency fund 
• Get out of debt