Unit 3 Budgeting Test Review

Front

Creating a budget can make you feel powerful because A budget puts you in control of your spending and saving, so you make good decisions and feel more confident

Back

True

Front

When budgeting you should make sure your _________ are taken care of first.

Back

Needs

Front

When determining if something is a NEED you should ask the question, will something bad happen if I don’t have this item?

Back

True

Front

When determining a budget you should use your _____________.

Back

Net Pay

Front

The federal government budgets its tax money on three large buckets of expenses -- mandatory spending, discretionary spending, and __________________.

Back

Interest on Debt

Front

Which service is not provided by the federal government using taxpayer money? Options: Military, NASA Space Programs, Medicare, Personal Auto Insurance

Back

Personal Auto Insurance

Front

Every person or company that earns income in the US pays taxes to the US Government. True or False?

Back

True

Front

The 50/30/20 rule budget’s your income to

Back

50% needs, 30% wants, and 20% savings

Front

The money taken out of your paycheck (taxes and other items you pay into such as health insurance and retirement plans) are called

Back

Deductions

Front

What is the amount you earn before taxes and deductions?

Back

Gross Pay