Financial literacy terms

What is income?

• Money earned

• Money paid

• Money spent

• Inheritance

Which is more, gross income or net income?

• Gross income

• Net income

What is your pay AFTER tax called?

• Gross income

• Net income

What is a FIXED expense?

• An expense that changes month-to-month

• An expense that doesn't change month-to-month

• An expense you only pay once a year

Select an example of a FIXED expense

• Rent

• Clothing

• Repairs

• Groceries

What is a VARIABLE expense

• An expense that can change month-to-month

• An expense that doesn't change month-to-month

• An expense you pay everyday

Select an example of a VARIABLE expense

• Groceries

• Phone bill

• Insurance

• Netflix

Your earnings AFTER tax is your...

• Net income

• Gross income

Your earnings BEFORE tax is your....

• Gross income

• Net income

How do you calculate time-and-a-half?

• Wage x 1.5

• Wage x 2

• Double wage

• Triple wage