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WorksheetsMoney 101 Unit 2: Budgets
Total questions: 20
Worksheet time: 20mins
When you break down the money you owe for bills, needs, and wants you are creating a..
Budget
Credit
Paycheck
Portfolio
The items you have to pay for are also known as
Invoices
Savings
Expenses
Credits
The two common types of expenses we discussed are..
Fun Expenses and Boring Expenses
Business Expenses and School Expenses
Variable Expenses and Fixed Expenses
Dinner Expenses and Breakfast Expenses
A fixed expense is an expense that is..
Consistent
Inconsistent
Unexpected
Optional
A variable expense is..
The same amount every month
Different each time
Money you are receiving from someone else
Rent
Which of the following is an example of a fixed expense?
Movie tickets
Dinner with friends
V Bucks
Car Insurance
Which of the following is an example of a variable expense?
Rent
Phone Bill
Groceries
Electric Bill
If someone gets paid $10/hour and works for 20 hours, how much will they get paid for their work?
$10
$20
$200
$2
When paying bills, which method will typically make budgeting and spending easier?
Waiting until each bill's due date to pay it
Not paying your bills
Paying your bills immediately upon being paid
Not having a job
Which of the following is true?
Things you want to spend money on should take priority over things you need to spend money on
Wants and Needs should be equal in priority
Things you need to spend money on should take priority over things you want to spend money on
You should not budget for things you need or want
We briefly discussed a general rule for splitting your budget between needs, wants, and savings; what was that rule?
100/0/0
50/50/50
50/30/20
25/25/50
If you have money leftover at the end of each pay cycle, what should you do with that money?
Spend it all
Nothing
Put it into a savings account to earn interest
Give it back to your employer
When we get paid, who do we not pay taxes to?
Federal Government
State Government
Local Government
British Monarchy
Which of the following do our tax dollars go towards?
Education
Defense
Federal Programs like Social Security
All are correct
The tax that comes out of our paychecks is referred to as
Expense Tax
Income Tax
Food Tax
Tax Season
Our paycheck lists two different amounts on it, pre-tax and post-tax; these amounts are referred to as..
Sum and Difference
Tax and Donation
Gross and Net
Income and Savings
The amount of money that you earn before taxes is referred to as
Net Pay
Gross Pay
Standard deduction
Insurance
The amount of money you are actually paid after taxes is referred to as
Net Pay
Gross Pay
Pay Pal
Apple Pay
Which of the following is true about taxes?
Everyone is taxed the exact same dollar amount
The more money you make, the less you pay in taxes
Taxes are based off a % of your income
You do not have to pay income tax until you file your tax return in April
Which of the following is not a common deduction that comes out of your paycheck?
Insurance
Retirement
Taxes
Utility Bills
