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WorksheetsBudgeting
Total questions: 15
Worksheet time: 4hrs 45mins
What is INCOME?
The bills you have to pay for.
Money that comes in or is earned.
Money that you have lost.
Where can you earn income from?
Money gifted from somebody
A job
All of the above
What is a DEDUCTION?
Money that is taken out of a paycheck to go to other designated sources (such as taxes or insurance).
Money that you must payout.
Money that comes in or is earned.
Select 2 things that are considered deductions.
State Taxes
Utilities
Rent
Federal Taxes
What are FIXED EXPENSES?
Money that comes in or is earned.
Money that is taken out of a paycheck to go to other designated sources (such as taxes or insurance).
Payments that are always the same amount of money; predictable.
Select 2 things that can be considered a Fixed Expense?
Food
Rent
Utilities
Clothing
What is a FLEXIBLE EXPENSE?
Payments that are always the same amount of money; predictable.
Payouts of money that can change; they are not always the same amount.
Money that is earned by working more than the usual number of hours
Select 2 things that can be considered a Flexible Expense.
Rent
Car Payment
Food
Entertainment
When making a budget, a person’s needs should come before their wants.
True
False
A financial plan is called a
budget
tax
allowance
income
What is a need?
Something you must have
Something you'd like to have
Something you would like to do
All of the above
Which of the following is generally the most expensive category in a person’s budget?
Healthcare
Clothing
Transportation
Housing
2.The amount an employee earns once taxes and other items are deducted from his or her gross pay.
Budget
Debt
Gross Income
Net Income
7.The total amount of money an individual has earned before taxes are taken out.
Net Income
Checking Account
Gross Income
Overdraft
