WorksheetsBudgeting Vocabulary (NGPF)
Total questions: 6
Worksheet time: 9mins
Match the following definitions to the correct vocabulary word.
Not having or earning much money.
low income
Money set aside for unanticipated expenses or loss of income.
emergency fund
Money that is received from work, investments, business, etc.
income
The lowest income necessary for a worker to meet their basic needs.
living wage
The amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare; often used when comparing how expensive it is to live in one city versus another.
cost of living
Match the following definitions to the correct vocabulary word.
Total earnings before any deductions are taken.
gross pay
Total earnings after payroll taxes and other deductions have been taken out; also called take-home pay.
net pay
Any items subtracted from your paycheck, including state and federal income taxes, Social Security, health insurance or 401(k) contributions.
deduction
A fixed amount that you are paid over a period of time, regardless of how many hours you work.
salary
A set amount you are paid for every hour that you work; also called hourly pay.
wage
Match the following definitions to the correct vocabulary word.
A budgeting method that allocates 50% to needs, 30% to wants, and 20% to savings and debt repayment.
50/30/20 budget
A budgeting method where money for monthly spending is taken out in cash and placed in labeled envelopes according to budget categories. Spending occurs only from the corresponding envelopes.
cash envelope budget
A budgeting method where every anticipated earning is assigned a role to be spent, saved, or invested somewhere, so there's no "leftover" money with no purpose.
zero-based budget
A strategy where you save a specified amount of your paycheck before doing anything with the rest of your money.
pay yourself first
A plan of your expected income and how you will use it to meet your expected expenses over a period of time.
budget
Match the definitions to the correct vocabulary words.
Income that varies from week to week or month to month.
variable income
Income that remains the same from week to week or month to month.
fixed income
When your income exceeds your expenses and you have money leftover.
surplus
When your expenses exceed your income.
deficit
The cost for one item or measurement that allows it to be easily compared to other similar products to evaluate which is a better deal.
unit price
Match the definitions with the correct vocabulary words.
Items or services you pay for such as rent, groceries, entertainment, bills, etc.
expenses
A cost that can be expected at regular intervals and that remains the same amount (e.g., monthly rent payment)
fixed expense
A cost that appears irregularly or that changes in amount (e.g., utility bills).
variable expense
A cost that a business or household can survive without if necessary. (Ex: going out to eat, streaming services)
discretionary expense
The basic services your home, apartment, or business needs to keep it comfortable and functioning properly (e.g. water, electricity, etc.).
utilities
Match the definitions to the correct vocabulary words.
Buses, trains, subways, and other forms of transportation that charge set fares, run on fixed routes, and are available to the public.
public transportation
A portion of the total cost of an item, such as a car or house, that must be paid at the time of purchase. The buyer will often take out a loan to finance the remaining balance.
downpayment
A contract between a tenant and a landlord providing the terms and costs for renting the property.
residential lease
Expenses that help you live more comfortably.
wants
Expenses that are essential for you to be able to live and function.
needs
