Budgeting

Front

What is a budget?

Back

A plan for spending and saving your money

Front

Which item does NOT belong in the 'Monthly Bills' category for Adda's budget? Options: Cell phone plan, Rent, Clothing, Electricity bill.

Back

Clothing

Front

What is income?

Back

The money that you earn

Front

Marshawn is trying to determine if an item at the mall is a NEED or a WANT. Which question will be most helpful?

• Will something bad happen if I don't have this?
• Do any of my friends have this item?
• How happy will this item make me?
• Will my teachers be excited if I buy this item, or will they be disappointed?

Back

Will something bad happen if I don't have this?

Front

Gross pay

Back

The money that you earn before taking out deductions

Front

Net pay

Back

The money that you earn after taking out deductions

Front

Justine's part-time job pays her $8 per hour. She works for 10 hours this pay period. How much is her gross pay?

Back

$80.00

Front

Brandon's gross pay is $250 and net pay is $200. How much were his deductions?

Back

$50.00

Front

Why should you use your NET pay when creating a budget?

Back

Your net pay is a more accurate picture of how much money you have available to spend or save

Front

Which one of these is a personal expense? National Defense, Social Security, Medicare, Car insurance

Back

Car insurance