BCE Jones Budgets only 2024

Budgets

Income and Expenses

GROSS V. NET PAY

• Gross Pay - Before taxes taken

• Net Pay - After taxes taken out

Gross Income vs Net Income

Multiple Select

Cheyenne works 20 hours a week at the movie theater. She earns $9 an hour. Which 2 statements about her weekly income is true?

• Her net income is more than $180.

• Her gross income is $180.

• Her net income is less than $180.

• Her gross income is more than $180.

Budget

Multiple Choice

A budget is

• A tax

• An income

• A plan on how to spend money

• An expense

Balanced Budget vs. Unbalanced Budget

Balanced Budget - money you earn is the same as money you pay

Unbalanced Budget - more money is spent than you earn during a particular period

Multiple Choice

Select the correct answer

• A

• B

• C

• D

Multiple Choice

If Sammy’s expenses are greater than his income, what must he do to balance his budget?

• Earn more money
• Spend less money on expenses
• Earn more money AND spend less
• None of the above

Multiple Choice

select the correct answer

• A

• B

• C

• D

Multiple Choice

Select the correct answer

• $720

• $600

• $710

• $1,310

Fill in the Blank

Type in answer

Multiple Choice

Penelope earns $450 each month. Penelope made a list of her expenses for the month of May. Which change can Penelope make to balance her budget for the month of May?

• Increase her budgeted amount for savings by $20

• Decrease her budgeted amount for entertainment by $20

• Increase her budgeted amount for food by $10

• Decrease her budgeted amount for clothing by $10

Multiple Choice

Mishail's budget for June showed an income of $80 and expenses of $100. Which actions could Mishail take to balance her budget for June?

• Increase expenses and decrease income

• Increase expenses and increase income

• Decrease expenses and decrease income

• Decrease expenses and increase income

Multiple Choice

Amelia made this list of her monthly expenses. Amelia's net income for the month is $2,135. How much money does she have for other expenses?

• $3,535

• $1,400

• $885

• $735

Multiple Choice

A deduction is

• gross income

• money added to your income

• net income

• money taken out of your income

Multiple Choice

Gross income is:

• the total amount of money you earn

• the amount of money you receive after decuctions are subtracted

• the total amount of money you spend

• sales taxes on items you buy

Multiple Choice

Net income is:

• the total amount of money you earn

• the amount of money you receive after deductions are subtracted from your gross income

• the amount of money that is taken away in the form of taxes

• the hourly rate of pay

Multiple Choice

David's gross income: $127.25

David's deductions: $25.20

David's net pay: ?

• $102.05

• $102.45

• $112.05

• $152.45

Multiple Choice

Net Income is?

• After Tax

• Before Tax

• Sales Tax

• Property Tax

Multiple Choice

Which of these statements about gross income and net income is true?

• Gross income is a tax on all income that a worker earns, and net income is a tax paid by an employer based on a worker’s wages.

• Gross income is a tax paid by an employer based on a worker’s wages. and net income is a tax on all income that a person earns.

• Gross income is the amount an employee is paid after deductions and taxes, and net income is the total amount an employee earns before deductions are applied.

• Gross income is the amount an employee earns before deductions are applied, and net income is the amount an employee is paid after deductions and taxes.