WorksheetsNGPF Unit 3: Budgeting Vocabulary - Part 2
Total questions: 16
Worksheet time: 8mins
What is the term for the following definition? Total earnings after payroll taxes and other deductions have been taken out; also called take-home pay.
Net Pay
Gross Pay
Disposable Income
Taxable Income
What is the term for the following definition? A strategy where you save a specified amount of your paycheck before doing anything with the rest of your money.
Pay Yourself First
Zero-Based Budgeting
Envelope System
Debt Snowball
What is the term for the following definition? Buses, trains, subways, and other forms of transportation that charge set fares, run on fixed routes, and are available to the public.
Public Transportation
Private Vehicles
Freight Services
Personal Transit
What is the term for the following definition? A form of property insurance, available to renters, that covers losses to their personal property and protects the insured person from liability claims.
Renters Insurance
Homeowners Insurance
Auto Insurance
Life Insurance
What is the term for the following definition? A contract between a tenant and a landlord providing the terms and costs for renting the property.
Residential Lease
Eviction Notice
Mortgage Agreement
Property Deed
What is the term for the following definition? A fixed amount that you are paid over a period of time, regardless of how many hours you work.
Salary
Wage
Commission
Bonus
What is the term for the following definition? When your income exceeds your expenses and you have money leftover.
Surplus
Deficit
Debt
Liability
What is the term for the following definition? 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
Gross Income
Net Worth
Sales Tax
What is the term for the following definition? The basic services your home, apartment, or business needs to keep it comfortable and functioning properly (e.g. water, electricity, etc.).
Utilities
Appliances
Furniture
Decorations
What is the term for the following definition? An expense that can change from month to month, such as groceries, gas, or entertainment.
Variable Expense
Fixed Expense
Net Income
Gross Pay
What is the term for a cost that appears irregularly or that changes in amount (e.g., utility bills)?
Variable Income
Fixed Expense
Gross Pay
Net Worth
What is the term for income that varies from week to week or month to month?
Variable Income
Fixed Income
Passive Income
Gross Income
What is the term for a set amount you are paid for every hour that you work; also called hourly pay?
Wage
Salary
Commission
Bonus
What is the term for expenses that help you live more comfortably?
Wants
Needs
Savings
Debts
What is the term for a measurement of your assets (money you've saved or things of value you own) minus your liabilities (money you owe others); also called net worth?
Wealth
Income
Revenue
Expense
What is the term for 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
Envelope Budgeting
Incremental Budgeting
Line-Item Budgeting
