Budgeting UNIT 2

How do wages and salary differ?

• Wages describe what you earn on an annual basis

• Salary describes what you earn on an annual basis

• Wages mean you have a standard amount in each paycheck

• Salaried employees are likely to be paid for overtime

Which of the following are TRUE about gross income and net income? (hint: choose 2 correct answers)

• Gross income and net income are the same

• Net income is sometimes called "take home pay"

• Gross income is the total amount earned before deductions

• Net income is the total amount earned before deductions

Tags

CCSS.7.RP.A.3

Which of the following may NOT always appear on your paycheck stub?

• Gross Pay

• Net Pay

• Your Role/Title

• Local Tax

Which of the following is NOT a cost of owning a car?

• License and Registration fees

• Gasoline

• Utilities

• Insurance

Jenna wants to decrease the amount of $ she spends on food. Which of the following would help? (hint: choose 2 correct answers)

• Decide what she will make for dinner that same day

• Go to the grocery store with a list

• Go to the store whenever she needs 1-2 items

• Keep staple foods (e.g. beans, rice) readily stocked

A 18oz box of cereal costs $4.99. How would you calculate the unit price?

• 18oz / $4.99

• 9 oz / $2.50

• $4.99 / 18oz

• (18oz) x ($4.99)

Tags

CCSS.6.RP.A.1

CCSS.6.RP.A.2

6 cans of tomato soup cost $14.99. What is the unit price?

• About $1.50

• About $2.50

• About $3

• About $3.50

How does the 50/30/20 rule of thumb for budgeting allocate your income?

• 50% Needs, 30% Wants, 20% Savings & Debt Repayment

• 50% Wants, 30% Needs, 20% Savings & Debt Repayment

• 50% Savings & Debt Repayment, 30% Wants, 20% Needs

• 50% Needs, 30% Savings & Debt Repayment, 20% Wants

Tags

CCSS.6.RP.A.3C

Which of the following is an example of buying something you NEED?

• "I want to replace something that is no longer working."

• "I want to impress someone/ change how they feel about me."

• "I'm feeling down, and I need to boost my spirits."

• "I don't want to miss out on these deals during the sale!"

Tags

CCSS.RL.11-12.3

CCSS.RL.6.3

CCSS.RL.7.6

CCSS.RL.8.6

CCSS.RL.9-10.3

Budgeting is crucial to your financial success.

• True
• False