WorksheetsNGPF Money Matter Unit 3 Vocabulary - Part 1
Total questions: 19
Worksheet time: 57mins
What is the budgeting method that allocates 50% to needs, 30% to wants, and 20% to savings and debt repayment?
50/30/20 Budget
Envelope Budgeting
Zero-Based Budgeting
Pay-Yourself-First Budget
A plan of your expected income and how you will use it to meet your expected expenses over a period of time is called a ________.
Budget
Invoice
Receipt
Contract
What is the budgeting method where money for monthly spending is taken out in cash and placed in labeled envelopes according to budget categories, and spending occurs only from the corresponding envelopes?
Cash Envelope Budget
Zero-Based Budgeting
50/30/20 Rule
Pay Yourself First
The amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare, is called ________.
Cost of Living
Disposable Income
Net Worth
Gross Income
Any items subtracted from your paycheck, including state and federal income taxes, Social Security, health insurance or 401(k) contributions, are called ________.
Deduction
Earnings
Bonuses
Allowances
When your expenses exceed your income, it is called a ________.
Deficit
Surplus
Balance
Dividend
A portion of the total cost of an item, such as a car or house, that must be paid at the time of purchase is called a ________.
Down Payment
Installment
Mortgage
Lease
Money set aside for unanticipated expenses or loss of income is called an ________.
Emergency Fund
Retirement Account
Vacation Fund
Investment Portfolio
Items or services you pay for such as rent, groceries, entertainment, bills, etc. are called ________.
Expenses
Assets
Investments
Savings
What is the term for the following definition? A cost that can be expected at regular intervals and that remains the same amount (e.g., monthly rent payment).
Fixed Expense
Variable Expense
Irregular Income
Discretionary Expense
What is the term for the following definition? Income that remains the same from week to week or month to month.
Fixed Income
Variable Income
Disposable Income
Gross Income
What is the term for the following definition? Total earnings before any deductions are taken.
Gross Pay
Net Pay
Taxable Income
Take-home Pay
What is the term for the following definition? Money that is received from work, investments, business, etc.
Income
Expense
Debt
Liability
What is the term for the following definition? The lowest income necessary for a worker to meet their basic needs.
Living Wage
Disposable Income
Minimum Wage
Gross Income
What is the term for the following definition? Not having or earning much money.
Low Income
High Income
Wealthy
Affluent
What is the term for the following definition? Expenses that are essential for you to be able to live and function.
Needs
Wants
Savings
Investments
Imagine Liam just got his first job! The term used to describe the money he earns before any deductions are taken out is called (a) . Can you help him figure it out?
Gross Pay
Net Pay
Deductions
Salary
A budget contains a list of your (a) , such as allowance, part-time job, or gifts.
It also includes a list of (b) , such as rent, groceries, transportation, and entertainment.
Lastly, a budget should have a savings category to allocate money for (c) .
Which of the following is NOT true of a budget? [note capitalization of “NOT”]
Budgets help you plan how to spend money you earn or receive
Once a budget is set, it should not be revisited
A budget can include charitable giving
Budgets include both income and expenses
