Budgeting Terms Pre-test

Please write your name in the space below

When creating a budget you should keep track of every penny

• True
• False

The amount of money on a paystub before taxes are taken out is...

• Gross pay
• Net pay
• Property Taxes
• Preliminary pay

The amount of money on a paystub after taxes are taken out is...

• Gross pay
• Net pay
• Property Taxes
• Preliminary pay

What percentage of your income is recommended to save each month?

• 5%
• 10%
• 15%
• 20%

Flexible expenses vary in the amount that you pay each month

• True
• False

Fixed expenses vary in the amount that you pay each month

• True
• False

The most commonly known type of retirement is called a...

• TRS
• 403B
• 401K
• ROTH IRA

"Take home pay" another term for...

• Gross pay
• Net pay

An example of a fixed expense is...

• Groceries
• Entertainment
• Rent
• Electric Bill