Budgeting

If an expense can be removed from your budget to save money, it is considered a _____.

• Income

• Want

• Need

• Stock Market

Preparing a budget includes

• Recording your income (credits) and expenses (debits).

• Only listing your expenses (debits).

• Only listing your debts (credit cards, loans, etc).

• Only listing your income (income).

Examples of Fixed Expenses (amounts don't usually change) include:

• Mortgage, school loans, car

• Cable, entertainment, food

• Gas, food, phone

• Clothing, gas, food

A vacation is an example of a _________

• need
• want

Medical care is an example of a ______

• Need 
• Want

When making a budget, a person’s needs should come before their wants.

• True

• False

Taxes help to pay for things such as roads, education, and the military.

• True

• False

Money paid to the federal government is called

• Federal Tax

• Budget

• State Tax

• Percent

According to the following tax bracket, which category would you fall in if you made $72,000?

$0-$10,000- 2%

$10,000- $50,000 – 15%

$50,000- $70,000 – 20%

$70,000- $105,000- 35%

• 35%

• 2%

• 15%

• 20%

The Gummy family budget $35 a month for a vacation. How much money will they have saved up if they continue to save this amount for 15 months?

• $525

• $225

• $550

• $50