Review Midterm/Final Fall 2024

Front

What is a budget?

Back

A budget is a plan for using your money in a way that meets your wants and needs.

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.9-10.3

CCSS.RI.8.5

Front

What is gross pay?

Back

Gross pay is the total amount of money earned by an employee before any deductions.

Front

What is federal income tax withholding?

Back

Federal income tax withholding is the amount of an employee's earnings that is withheld by the employer to pay federal taxes.

Front

What is net pay?

Back

Net pay is the amount of money you have left after your employer subtracts all withholdings and deductions.

Front

What is a repayment schedule?

Back

A repayment schedule shows the distribution of principal, interest, and other charges over the life of a loan.

Front

What does 'time and a half' mean?

Back

'Time and a half' refers to the pay rate for hours worked over 40 in a week, which is 1.5 times the regular hourly rate.

Tags

CCSS.RI.11-12.5

CCSS.RI.11-12.3

CCSS.RI.9-10.5

CCSS.RI.9-10.3

CCSS.RI.8.5

Front

What are allowances in tax withholding?

Back

Allowances are used to determine how much federal income tax should be withheld from an employee's paycheck.

Front

What is the difference between gross pay and net pay?

Back

Gross pay is the total earnings before deductions, while net pay is the amount received after deductions.

Tags

CCSS.7.RP.A.3

Front

What is the purpose of a budget?

Back

The purpose of a budget is to help individuals plan and control their spending to meet financial goals.

Front

What factors affect federal income tax withholding?

Back

Factors include filing status, number of allowances claimed, and additional withholding requests.