Dave Ramsey Chapter 10 and 11 Exam_SV

Front

Every American who earns an income must file a __________ each year.

Back

Federal tax return

Front

The money you earn hourly for your time and effort at work is called your _______________.

Back

Wages

Front

Your rent payment should total no more than ____% of your take-home pay.

Back

25

Front

Your decision to rent or buy depends on your ________.

Back

Financial situation

Front

To make living with a roommate more peaceful while you're saving money . . .

Back

Communicate, be respectful, and be considerate

Front

What is a tax deduction?

Back

A tax deduction is an expense that you can deduct from your total taxable income, reducing the amount of income that is subject to tax.

Front

Define 'minimum wage'.

Back

Minimum wage is the lowest legal hourly pay for many workers.

Front

What is the purpose of a budget?

Back

A budget is a plan that helps you manage your income and expenses to achieve financial goals.

Front

What does 'take-home pay' refer to?

Back

Take-home pay is the amount of money you receive after taxes and other deductions are taken from your gross income.

Front

Explain the term 'financial situation'.

Back

Financial situation refers to an individual's or household's financial health, including income, expenses, debts, and savings.