U1- Budgeting_Voc HW2

What is the budgeting method that allocates 50% to needs, 30% to wants, and 20% to savings and debt repayment?

• 50/30/20 Budget

• Envelope Budgeting

• Zero-Based Budgeting

• Pay Yourself First Budget

What is the term for a plan of your expected income and how you will use it to meet your expected expenses over a period of time?

• Budget

• Invoice

• Receipt

• Loan

What is the term for the amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare?

• Cost of Living

• Disposable Income

• Gross Income

• Net Worth

What is the term for the following definition: When your expenses exceed your income?

• Deficit

• Surplus

• Balance

• Dividend

What is the term for the following definition: Items or services you pay for such as rent, groceries, entertainment, bills, etc.?

• Expenses

• Income

• Assets

• Investments

What is the term for the following definition: Cost that can be expected at regular intervals and that remains the same amount (e.g., monthly rent payment)?

• Fixed Expenses

• Variable Expenses

• Irregular Expenses

• Discretionary Expenses

What is the term for the following definition: Income that remains the same from week to week or month to month?

• Fixed Income

• Variable Income

• Disposable Income

• Gross Income

What is the term for the following definition? 'Lowest income necessary for a worker to meet their basic needs.'

• Living Wage

• Disposable Income

• Minimum Wage

• Gross Pay

What is the term for the following definition? 'Fixed amount that you are paid over a period of time, regardless of how many hours you work.'

• Salary

• Wage

• Commission

• Bonus

What is the term for the following definition? 'When your income is more than your expenses and you have money left over.'

(a)