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WorksheetsBudgeting UNIT 2
Total questions: 48
Worksheet time: 2hrs 37mins
How do wages and salary differ?
Wages describe what you earn on an annual basis
Salary describes what you earn on an annual basis
Wages mean you have a standard amount in each paycheck
Salaried employees are likely to be paid for overtime
Which of the following are TRUE about gross income and net income? (hint: choose 2 correct answers)
Gross income and net income are the same
Net income is sometimes called "take home pay"
Gross income is the total amount earned before deductions
Net income is the total amount earned before deductions
Which of the following may NOT always appear on your paycheck stub?
Gross Pay
Net Pay
Your Role/Title
Local Tax
Which of the following is NOT a cost of owning a car?
License and Registration fees
Gasoline
Utilities
Insurance
Jenna wants to decrease the amount of $ she spends on food. Which of the following would help? (hint: choose 2 correct answers)
Decide what she will make for dinner that same day
Go to the grocery store with a list
Go to the store whenever she needs 1-2 items
Keep staple foods (e.g. beans, rice) readily stocked
A 18oz box of cereal costs $4.99. How would you calculate the unit price?
18oz / $4.99
9 oz / $2.50
$4.99 / 18oz
(18oz) x ($4.99)
6 cans of tomato soup cost $14.99. What is the unit price?
About $1.50
About $2.50
About $3
About $3.50
How does the 50/30/20 rule of thumb for budgeting allocate your income?
50% Needs, 30% Wants, 20% Savings & Debt Repayment
50% Wants, 30% Needs, 20% Savings & Debt Repayment
50% Savings & Debt Repayment, 30% Wants, 20% Needs
50% Needs, 30% Savings & Debt Repayment, 20% Wants
Which of the following is an example of buying something you NEED?
"I want to replace something that is no longer working."
"I want to impress someone/ change how they feel about me."
"I'm feeling down, and I need to boost my spirits."
"I don't want to miss out on these deals during the sale!"
If an expense can NOT be removed from your budget to save money, it is considered a _____.
Income
Want
Need
Savings
Which one is a fixed (same amount, same time) payment?
food
power
mortgage
petrol
Fixed or variable expense: Groceries
Fixed
Variable
Fixed or variable expense: Rent?
Fixed
Variable
Which of the following is generally the most expensive category in a person’s budget?
Healthcare
Clothing
Transportation
Housing
As a rule of thumb, every family should save at least _____ months’ income in case of emergency.
Two
Three
Four
Six
The amount of money you take home is called your
Net Pay
Gross Pay
Total Pay
Available Pay
Taxes vary from state to state and city to city. To make it easier to factor an estimated required annual salary, figure an average of _____% is withheld from your paycheck.
10
15
20
25
The amount of money you make is called:
Taxes
Net Pay
Gross Pay
Available Pat
Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses?
Dining out at local restaurants
Loan payment on a new car
Expenses for new clothes
Postponing a purchase for a big-screen TV
After graduation, Leila is determined to live in one of the country's 10 largest cities. Her top priorities are to save money and be car-free. Which two factors do you think are MOST important for her to consider when choosing a city? 1) Quality of Public Transportation 2) Cost of license and registration 3)Location of her home and work 4)Average cost of Uber, Lyft, or Taxis
2 and 4
1 and 3
3 and 4
1 and 4
While shopping for groceries you are comparing the cost of three kinds of cereal that you like: Cereal A costs $3.20 for a 16 oz. box, Cereal B costs $5.00 for a 32 oz. box, Cereal C costs $2.50 for a 10 oz. box. Rank order the options from lowest unit cost to highest unit cost.
B,C,A
A,B,C
B,A,C
C,B,A
Isaiah works for the summer at a technology company and has a salary for the summer of $3,000. After federal and state taxes and Social Security/Medicare taxes are deducted, his take-home pay is $2,500. Which of the statements below is correct?
His gross pay is $2,500 and net pay is $3,000.
His gross and net pay are $3,000.
His net pay and gross pay are $2,500.
His gross pay is $3,000 and net pay is $2,500.
You overhear your cousin talking about the importance of creating and sticking to a budget. Which of the following reasons he gives below is actually FALSE?
A budget can help you identify any bad spending habits.
Using a budget can allow you to work towards your financial goals.
Having a budget can help you create an emergency fund.
A budget can help you be aware of upcoming sales and discounts at stores you usually go to.
A tax is also known as a financial plan.
False
True
Taxes help to pay for things such as housing and food stamps.
True
False
Math is used in everyday life and not just in the classroom.
True
False
It is smart NOT to save monthly for a yearly vacation.
False
True
Money paid to the federal government is called
Federal Tax
Budget
Income Tax
Percent
Jaxson can budget 1% of his monthly income to gifts. If he makes $1,295 a month, how much money can he put toward his gift category?
$12.95
$1.29
$120.95
$1.95
A financial plan is called a
budget
tax
allowance
income
The amount of an individual’s income that is left after taxes and personal necessities have been paid.
Discretionary income
Net income
Gross income
Non-discretionary income
A fixed compensation periodically paid to a person for regular work or services.
Wages
Income
Discretionary income
Salary
