WorksheetsBudget Review
Total questions: 15
Worksheet time: 15mins
wealth = (a) - debt
Income after taxes are deducted
Estimate
Net Pay
Overspend
Need
A plan for how you spend and save your money
Budget
Burrito
Net Pay
Overspend
something you must have to survive
want
need
expense
A budget helps you save money for the things you really want.
True
False
The following is an example of a want
food
utilities
child care
flat screen TV
Grocery stores do all the following to make you spend more money EXCEPT:
accept coupons
put bakery items near the front
advertise "10 for $10" when the true price $1 each
place expensive items at eye level
Which of the following are freelancers responsible for? (3 answers)
paying their own taxes
funding their own retirement
buying their health insurance
attending paid training
What is the weekly food costs for a male age 40 on the liberal plan?
(a)
Laundry detergent costs $7.62 for 2.5 liters. What is the unit cost?
$3.00 per liter
$3.05 per liter
$0.33 per liter
$7.62
What is discretionary income?
money leftover after paying for essentials
positive cash flow
expenses that help you live more comfortably
costs that are easily changed or eliminated
What are fixed expenses?
negative cash flow
total pay before deductions for taxes and benefits
expenses that do not vary from time period to time period
balancing your income with expenses
True or False: The goal of a zero-based budget is to end up with $0 at the end of the month.
(a)
The IRS uses three methods to determine if someone is an employee. Which is NOT a method:
Behavioral Control
Financial Control
Relationship Control
Facility Control
Arnie is setting up a 50/20/30 budget. His monthly net income is $2300. How much should he budget for savings?
$460
$1150
$690
$2300
