How does an hourly rate/wages differ from salary?
Budgeting

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Life Skills
•
9th - 12th Grade
•
Hard
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19 questions
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1.
FLASHCARD QUESTION
Front
Back
Salary describes what you earn on an annual basis.
2.
FLASHCARD QUESTION
Front
Which of the following are TRUE about gross income and net income? They are the same thing, Gross income is the total amount earned AFTER deductions, Gross income is the total amount earned BEFORE deductions, Net income is the total amount earned BEFORE deductions
Back
Gross income is the total amount earned BEFORE deductions
3.
FLASHCARD QUESTION
Front
Which of the following may NOT always appear on your paycheck stub? Gross Pay, Net Pay, Your Role/Title, Local Tax
Back
Your Role/Title
4.
FLASHCARD QUESTION
Front
Jenna wants to decrease the amount of $ she spends on food. Which of the following would help?
- Decide what she will make for dinner that same day
- Go to the grocery store with a list
- Go to the store whenever she needs 1-2 items
- Eat at fast food restaurants multiple times a week
Back
Go to the grocery store with a list
5.
FLASHCARD QUESTION
Front
In "pay yourself first" budgeting, what's typically the first action after getting paid?
Back
Transfer money to your savings account
6.
FLASHCARD QUESTION
Front
What is a "fixed expense" in a budget?
Back
An expense that stays the same each month
7.
FLASHCARD QUESTION
Front
Which budgeting approach is most likely to help someone who tends to overspend on impulse purchases? Options: Tracking expenses after each purchase, Using only cash for non-essential spending, Automating all bill payments, Reviewing expenses at the end of each month
Back
Using only cash for non-essential spending
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