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NGPF Unit 3: Budgeting Vocabulary - Part 2

Total questions: 16

Worksheet time: 8mins

Name
Class
Date
1.

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.

a)

Net Pay

b)

Gross Pay

c)

Disposable Income

d)

Taxable Income

2.

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.

a)

Pay Yourself First

b)

Zero-Based Budgeting

c)

Envelope System

d)

Debt Snowball

3.

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.

a)

Public Transportation

b)

Private Vehicles

c)

Freight Services

d)

Personal Transit

4.

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.

a)

Renters Insurance

b)

Homeowners Insurance

c)

Auto Insurance

d)

Life Insurance

5.

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.

a)

Residential Lease

b)

Eviction Notice

c)

Mortgage Agreement

d)

Property Deed

6.

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.

a)

Salary

b)

Wage

c)

Commission

d)

Bonus

7.

What is the term for the following definition? When your income exceeds your expenses and you have money leftover.

a)

Surplus

b)

Deficit

c)

Debt

d)

Liability

8.

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.

a)

Unit Price

b)

Gross Income

c)

Net Worth

d)

Sales Tax

9.

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.).

a)

Utilities

b)

Appliances

c)

Furniture

d)

Decorations

10.

What is the term for the following definition? An expense that can change from month to month, such as groceries, gas, or entertainment.

a)

Variable Expense

b)

Fixed Expense

c)

Net Income

d)

Gross Pay

11.

What is the term for a cost that appears irregularly or that changes in amount (e.g., utility bills)?

a)

Variable Income

b)

Fixed Expense

c)

Gross Pay

d)

Net Worth

12.

What is the term for income that varies from week to week or month to month?

a)

Variable Income

b)

Fixed Income

c)

Passive Income

d)

Gross Income

13.

What is the term for a set amount you are paid for every hour that you work; also called hourly pay?

a)

Wage

b)

Salary

c)

Commission

d)

Bonus

14.

What is the term for expenses that help you live more comfortably?

a)

Wants

b)

Needs

c)

Savings

d)

Debts

15.

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?

a)

Wealth

b)

Income

c)

Revenue

d)

Expense

16.

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?

a)

Zero-Based Budget

b)

Envelope Budgeting

c)

Incremental Budgeting

d)

Line-Item Budgeting