Budgeting Test -Know where your money goes

A plan for managing money during a given period of time.

• checking account

• PYF

• budget

Account at a financial institution that you use for convenience & to minimize the amount of cash you need to carry.

• checking account

• PYF - Pay Yourself First

• budget

Provides a small income & services to elderly, disabled citizens, and orphans.

• checking account

• social security

• budget

Expenses that are the same amount each month.

• fixed expenses

• variable expenses

• cash flow

Expenses that change from month to month.

• fixed expenses

• variable expenses

• cash flow

Rate you are paid for every hour of overtime.

• PYF

• time and a half

• federal income tax

Fees placed on income, property, or goods to support government programs.

• PYF

• time and a half

• federal income tax

Putting money in savings each month before you have paid your expenses.

• PYF

• time and a half

• federal income tax

Amounts subtracted from your income for any number of reasons, e.g. federal taxes, retirement, health insurance, etc.

• Medicare tax

• income

• payroll deductions

Funds that pay for medical insurance for people over 65.

• Medicare tax

• income

• payroll deductions