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WorksheetsBudgeting Terms & Vocabulary
Total questions: 19
Worksheet time: 10mins
What is a deduction?
Any items subtracted from your paycheck, including taxes and contributions
When your expenses exceed your income
A portion of the total cost of an item
Money set aside for unanticipated expenses
What does the term "deficit" mean?
A cost that can be expected at regular intervals
When your expenses exceed your income
Total earnings before any deductions are taken
Money received from work or investments
What is a down payment?
Money set aside for unanticipated expenses
A portion of the total cost of an item paid at the time of purchase
Total earnings after payroll taxes
The lowest income necessary for a worker
What is an emergency fund?
Money set aside for unanticipated expenses or loss of income
Total earnings before any deductions are taken
A form of property insurance for renters
A strategy to save a specified amount of your paycheck
What are fixed expenses?
Income that remains the same from week to week
A cost that can be expected at regular intervals and remains the same amount
Total earnings after payroll taxes
The lowest income necessary for a worker
What is gross pay?
Total earnings before any deductions are taken
Money received from work or investments
A strategy to save a specified amount of your paycheck
Expenses that are essential for living
What is the definition of net pay?
Total earnings before any deductions are taken
Total earnings after payroll taxes and other deductions
Money set aside for unanticipated expenses
A form of property insurance for renters
What does "pay yourself first" mean?
A strategy to save a specified amount of your paycheck before spending
Total earnings before any deductions are taken
Money received from work or investments
A form of property insurance for renters
What is renters insurance?
A form of property insurance for renters covering losses to personal property
Total earnings after payroll taxes and other deductions
Money set aside for unanticipated expenses
A strategy to save a specified amount of your paycheck
What is a fixed amount that you are paid over a period of time, regardless of how many hours you work?
Surplus
Wage
Salary
Variable Income
What term describes when your income exceeds your expenses and you have money leftover?
Surplus
Zero-Based Budget
Variable Expense
Unit Price
What is the cost for one item or measurement that allows it to be easily compared to other similar products?
Utilities
Unit Price
Variable Expense
Wants
What are the basic services your home, apartment, or business needs to keep it comfortable and functioning properly?
Surplus
Wants
Utilities
Wealth
What is a cost that appears irregularly or that changes in amount?
Salary
Variable Expense
Wage
Surplus
What is income that varies from week to week or month to month?
Salary
Variable Income
Wage
Surplus
What is a set amount you are paid for every hour that you work?
Salary
Wage
Surplus
Variable Income
What are expenses that help you live more comfortably?
Wants
Utilities
Surplus
Variable Expense
What is a measurement of your assets minus your liabilities, also called net worth?
Surplus
Wealth
Wage
Unit Price
What is a budgeting method where every anticipated earning is assigned a role to be spent, saved, or invested?
Surplus
Zero-Based Budget
Variable Expense
Unit Price
