WorksheetsPersonal Finance Vocabulary Assessment
Total questions: 17
Worksheet time: 9mins
What is the definition of wealth?
A measurement of your assets minus your liabilities
Total earnings before any deductions are taken
Money received from work
The cost for one item or measurement
What is the difference between wage and salary?
Wage is money received from work, while salary is a set amount paid for every hour worked
Wage is a set amount paid for every hour worked, while salary is a fixed amount paid over a period of time
Wage is a budgeting method, while salary is a type of insurance
Wage is a fixed amount paid over a period of time, while salary is the amount paid for every hour worked
What is a zero-based budget?
A budgeting method that allocates 50% to needs, 30% to wants, and 20% to savings and debt repayment
A budgeting method where every anticipated earning is assigned a role to be spent, saved, or invested somewhere
A budgeting method where money for monthly spending is taken out in cash and placed in labeled envelopes
The amount of money needed to sustain a certain level of living
What is the definition of cost of living?
The amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare
A type of auto financing that allows you to 'rent' a car from a dealership
The basic services your home, apartment, or business needs to keep it comfortable and functioning properly
A form of property insurance that covers losses to personal property
What is the definition of gross pay?
The cost for one item or measurement that allows it to be easily compared to other similar products
A cost that can be expected at regular intervals and that remains the same amount
Total earnings before any deductions are taken
Total earnings after payroll taxes and other deductions have been taken out
What is the difference between gross pay and net pay?
The cost for one item or measurement that allows it to be easily compared to other similar products
A cost that can be expected at regular intervals and that remains the same amount
Gross pay is the total earnings before any deductions are taken
and net pay is your take home pay.
Net pay is typically higher than gross pay.
What is the definition of a freelancer?
A type of auto financing that allows you to 'rent' a car from a dealership
A portion of the total cost of an item that must be paid at the time of purchase
A labor market where the majority of people have short-term jobs or gigs such as freelancing and temp jobs
An individual who earns money on a per-job or per-task basis, usually for short-term work
What is the definition of a residential lease?
A form of property insurance that covers losses to personal property
A contract between a tenant and a landlord providing the terms and costs for renting the property
A type of auto financing that allows you to 'rent' a car from a dealership
The basic services your home, apartment, or business needs to keep it comfortable and functioning properly
What is the definition of a surplus?
When your income exceeds your expenses and you have money leftover
A cost that appears irregularly or that changes in amount
When your expenses exceed your income
A set amount you are paid for every hour that you work
What is the definition of a variable expense?
The amount of money needed to sustain a certain level of living
A cost that can be expected at regular intervals and that remains the same amount
A cost that appears irregularly or that changes in amount
A budgeting method where money for monthly spending is taken out in cash and placed in labeled envelopes
