Unit 1 Test: Personal Finance Review

The money you take home after all deductions are subtracted from earnings

• Net Pay

• Gross Pay

• Deduction

• Earning

The amount of money earned before any deductions are taken out

• Gross Pay

• Net Pay

• Taxable Income

• Take-home Pay

The amount you pay regularly for your health insurance coverage

• Health Insurance Premium

• Deductible

• Co-payment

• Out-of-pocket Maximum

Money you owe to a person or entity

• Debt

• Asset

• Income

• Revenue

A reduction to the amount of taxable income you made in a year

• Deduction

• Exemption

• Credit

• Penalty

Anything that you spend money on, whether it’s a necessity or a luxury

• Expense

• Earning

• Debt

• Deduction

Transactions that you didn’t make or approve

• Unauthorized Use

• Deduction

• Gross Pay

• Net Pay

All the money an individual receives from a source (wages, investments)

• Earning

• Expense

• Debt

• Deduction

How do you calculate gross monthly income?

• Add up all your earnings in a month before any taxes or deductions are taken out

• Take your total earnings and subtract your deductions

How would you find the amount of money a person makes a month if they make $300 a week?

• 300 x 4 = 1,200

• 300 + 4 = 304