Discretionary & Essential Expenses

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

Gross income includes your personal wages as well as other income. This income is before any ____ are taken out

• assets

• expenses

• dividends

• taxes

Is the amount of money left to spend and save after income tax has been deducted

• discretionary income

• disposable income

• gross income

• essential income

This type of income is used by landlords to determine whether that person is a worthy borrower or renter. When filing income taxes, _____ is the starting point before subtracting deductions to determine the amount of tax owed

• credit

• disposable income

• descretionary income

• gross income

David's gross income: $127.25

David's deductions: $25.20

David's net pay (disposable income): ?

• $102.05

• $102.45

• $112.05

• $152.45

Money available to spend on goods and services that are not essential.

• Discretionary Income
• Expenditures
• Budget

If we decide to go to Top Golf over Spring Break, it would be considered a __________.

• Variable Expense
• Fixed Expense
• Discretionary Expense
• Essential Expense

Wyatt's bills have been extremely high for the month. He decided to take a look at his personal budget he set up in Excel, and found that has rent has been raised by 10% compared to last month due to a new security installation. What type of expense is this?

• Discretionary

• Essential

• Disposable

• Bimodal

Melissa is having a bad day after school and decides to take a trip to Publix. During her shopping trip she decides to spend her allowance on chips and soft drinks. What type of expense is this?

• Essential Expense

• Discretionary Expense

• Operating Expense

• Rent Expense

What is math that involves collection, interpretation and analysis of numerical data in large quantities?

• the mathy math

• statistics

• algebra

• geometry