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- 1. Multiple Choice
A plan used to decide the amount of money that can be spent and how it will be spent.
Net Income
Budget
Gross Income
Earnings
- 2. Multiple Choice
The entire amount of income before any deductions (like taxes) are made
Net Income
Budget
Gross Income
Earnings
- 3. Multiple Choice
What is leftover of your gross income after you take care of necessary “non-negotiable” expenses (like tax deductions on a paycheck)
Net Income
Budget
Gross Income
Earnings
- 4. Multiple Choice
money obtained in return for labor, services, investments or products
Net Income
Budget
Gross Income
Earnings
- 5. Multiple Choice
money received, especially on a regular basis, for work or through investments
Spending
Expenses
Income
Budget
- 6. Multiple Choice
the cost required for something; the money spent on something.
Gross Income
Expenses
Income
Budget
- 7. Multiple Choice
pay out (money) for a particular person's benefit or for the improvement of something.
Net Income
Earning
Spending
Budget
- 8. Multiple ChoiceExamples of Fixed Expenses include:Mortgage, loans, rentCable, entertainment, foodGas, food, phoneClothing, gas, food
- 9. Multiple Choice
Examples of Variable Expenses include:
Mortgage, Loans, Rent
Car Payment, Health Insurance, Car Insurance
Property Taxes, Disability Insurance, Life Insurance
Hobbies, Entertainment, Dinning Out
- 10. Multiple Choice
Which of the following are TRUE about gross income and net income? (hint: choose 2 correct answers)
Gross income and net income are the same
Net income is sometimes called "take home pay"
Gross income is the total amount earned before deductions
Net income is the total amount earned before deductions
- Answer choicesTagsAnswer choicesTags