Personal Finance: Unit 3 Review

Match the following

• The amount of money you are paid for working a certain amount of time.

• Gross Pay

• The amount of money taken out of your paycheck for things like taxes and insurance.

• Pay Period

• The amount of money from your paycheck that you actually take home.

• Deductions

• The amount of money that you are paid before taxes are taken out.

• Net Pay

Which of the following would NOT be considered a monthly expense?

• Rent

• Cell Phone Plan

• Insurance

• Movie Tickets

There are two main parts of a budget: the money coming in, known as ​ (a)   and the money going out, known as ​ (b)   .

• income
• expenses
• bills
• cash
• checks
• payments

Needs and wants are the same thing for each person.

• True

• False

What percentage of your paycheck matches the correct budget category?

• 30%

• Wants

• 50%

• Savings

• 20%

• Necessities

When creating a budget, you should plan for your ​ (a)   first, then your ​ (b)   and ​ (c)   .

• needs
• wants
• savings

What TWO questions can you ask yourself to determine if an item is a need or a want?

• Will I be able to function without this item?

• Will my friends like me more if I have this?

• Will my family approve of this purchase?

• Will something bad happen if I don't have this item?

• Did I see this advertised to me online or not?

Harry works for $15 per hour. In one week he works 10 hours. How much is his gross pay?

• $150 plus taxes

• $150 minus taxes

• $150

• $15 / hour

Lisa works for $15 per hour. In one week she works 10 hours. How much is her net pay?

• $150

• $150 minus any taxes or deductions

• $150 plus taxes and deductions

• $15

Mark the spot where you would find the gross pay for the pay period: