Britt Unit 1 Review

Once a budget is set you are not to change the budget from month to month

• True

• False

State income taxes are a mandatory deduction.

• True

• False

Budgeting is the action of planning and knowing where your money is being spent.

• True

• False

I claim my allowances on my W2.

• True

• False

The more skills and knowledge one receives, leads to a better quality of life.

• True

• False

Banks can charge you an overdraft fee for NSF.

• True

• False

There is a correlation between the amount one is paid and the unemployment rate. (can refer to earnings and unemployment rates graph)

• True

• False

When using the PACED decision making model for small decision (Ex: going to eat or what to do on a Friday night) you should always write it down on paper.

• True

• False

This is pay before deductions.

• Gross Pay

• Net Pay

• Principal Pay

• Collateral Pay

This is pay after deductions?

• Net Pay

• Gross Pay

• Principal Pay

• Collateral Pay