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WorksheetsBudgeting An Income
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
A ______ is a plan for saving and spending money.
a)
a. checking account
b)
b. charge card
c)
c. bank
d)
d. budget
2.
_________ is the money that the government takes out of your salary for Medicare taxes and social security.
a)
a. Income
b)
b. Deductible
c)
c. Corrections
d)
d. F.I.C.A.
3.
Before money is taken from your salary for taxes and social security, your income is called __________.
a)
a. spendable
b)
b. net
c)
c. gigantic
d)
d. gross
4.
The money that you actually take home after deductions is called __________.
a)
a. net pay
b)
b. gross
c)
c. great
d)
d. next-to-nothing
5.
_________ is a federal government program that provides benefits for people of all ages.
a)
a. Medicare
b)
b. Licenses
c)
c. Social Security
d)
d. Legal Fees
6.
Flexible expenses are expenses that come ___________ or that you can adjust more easily.
a)
a. monthly
b)
b. often
c)
c. irregularly
d)
d. all of the above
7.
What type of expenses stay the same in amount from month to month?
a)
a. fixed
b)
b. variable
c)
c. calculated
d)
d. saved
8.
Withhold means _________.
a)
a. a plan for saving and spending
b)
b. total pay
c)
c. money your employer takes out of your check
d)
d. discretionary income
9.
A healthcare program provided by the federal government for retired persons is called __________.
a)
a. income tax
b)
b. Medicare
c)
c. deductions
d)
d. Social Security
10.
Income tax is the tax you pay to the government based on your __________.
a)
a. controlling
b)
b. spending
c)
c. budget
d)
d. income
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