Budgeting

Kylie plans on using the 50/30/20 rule for budgeting. How will she split her budget?

• 50% needs, 30% wants, 20% savings

• 50% budget, 30% needs, 20% wants

• 50% saving, 30% needs, 20% wants

• $50 needs, $30 wants, $20 savings

What is net pay?

• The money that you earn before taking out deductions

• The money that you earn after taking out deductions

What is a budget?

• A calendar used to plan out your activities for the month

• A plan for spending and saving your money

• A plan to manage your time for the day

• A type of savings account

Which of the following is a want?

• Food

• Water

• Shelter

• Video game

Adda has just moved into her own apartment and is working full time. Each item below would go into her budget in the "Monthly Bills" category EXCEPT...

• Cell phone plan

• Rent

• Clothing

• Electricity bill

Three of these items represent services provided by the federal government using taxpayer money. Which one represents a personal expense instead?

• National Defense

• Social Security

• Medicare

• Car insurance

Justine's part-time job pays her $8 per hour. She works for 10 hours this pay period. How much is her gross pay?

• $8.00

• $80.00

• $80.00, minus any taxes she has to pay

• $80.00, plus any taxes she has to pay

Brandon receives his paycheck, and it says his gross pay is $250 and his net pay is $200. How much money did he have in deductions this pay period?

• $50.00

• $200.00

• $250.00

• $450.00

What is income?

• The money that you earn

• The money that you spend

• Making a withdrawal

• Making a phone call

What is a tradeoff?

• Something you gain or lose when making a decision

• A way of making money

• A way to save money

• A way to spend money