EPF Unit 7 Review

Front

Wants

Back

Things or tems that a person would like to own or purchase that is not necessary for life; Ex. entertainment, video games, etc.

Front

Budget

Back

Is a spending plan for managing your money that includes income and expenses

Front

Needs

Back

Necessary items that are paid monthly/yearly such as food, housing, transportation, utilities, & Insurance

Front

Pay Stub

Back

Hard or electronic copy of earnings that show all deductions and results in net pay

Front

Fixed expenses

Back

Expenses that remain the ssame month after month EX: mortgages, rent, car payments insurances

Front

Deductions

Back

All expenses deducted from gross pay that results in net pay.

Front

Variable expenses

Back

Expenses that increase/decrease monthly/yearly EX: Utilities, food, entertainment, internet, TV provider

Front

Disposable income

Back

Income left over after all expenses are paid.

Front

Income tax

Back

Federal, state, and local taxes taken out as deductions from a person or business revenue source

Front

Gross Income

Back

Income from all sources before deductions such as retirement, health insurance, federal, state, and local taxes, etc