What is the main difference between a salary and wages?

Understanding Financial Terms Flashcard

Flashcard
•
Financial Education
•
4th Grade
•
Hard
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10 questions
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1.
FLASHCARD QUESTION
Front
Back
Salary is a fixed amount paid regularly, while wages are paid based on hours worked.
2.
FLASHCARD QUESTION
Front
Which of the following is an example of a fixed cost? Grocery shopping, Monthly rent, Buying new clothes, Eating out at restaurants
Back
Monthly rent
3.
FLASHCARD QUESTION
Front
If you earn $500 a week, what is your monthly income assuming 4 weeks in a month?
Back
$2,000
4.
FLASHCARD QUESTION
Front
Which of the following best describes a budget? A list of all the things you want to buy, A plan for how to spend and save your money, A record of all your past expenses, A summary of your income sources
Back
A plan for how to spend and save your money
5.
FLASHCARD QUESTION
Front
What is the difference between monthly expenses and annual expenses?
Back
Monthly expenses are paid every month, while annual expenses are paid once a year.
6.
FLASHCARD QUESTION
Front
Back
$500
7.
FLASHCARD QUESTION
Front
Which of the following is considered an expense? Receiving a paycheck, Paying for groceries, Earning interest from a bank, Getting a gift
Back
Paying for groceries
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