Taxes
Who decides the budget for the USA?
Need
What is the rule everyone should use when starting a budget?
50/30/20
What do you need to open a checking account?
ID and proof of address
Which of the following would NOT be considered a monthly bill?
Cell Phone Plan, Rent, Clothing, Renters Insurance
Clothing
Name one program that is part of Mandatory Spending?
Social Security
Medicare
Medicaid
Food Stamps
Video Games are a ...
Want
What pay is used for budgeting?
Net pay
The first coupon in America was issued by ...
McDonald's or Coke
Coke
Bob works for $12 an hour. He works for 12 hours this pay period. How much is his gross pay?
$144
Education and Veterans Assistance are two programs paid for through _________ spending.
Discretionary
Getting your nails done is a ....
Where should half of you money go?
Needs
When comparison shopping, which is the first thing you should consider?
What matters or return policies
What matters
Which item represents a service that the federal government provides through taxpayer money?
Military Protection or Auto Insurance
Military Protection
The interest the government pays on debt is about ___%.
8 %
Buying gas for your generator is a ...
Need
In the 50/30/20 rule, what does the 20 stand for?
20% of your money goes to savings
How much would you save when buying a pair of sneakers that cost $150 that are on sale for 20% off?
$30
There are 3 buckets that the federal government budgets its tax money - mandatory spending, discretionary spending, and ...
Interest on debt
Who pays taxes?
Any individual or company that earns an income.
Understanding the difference between a need and a want helps you ...
How many months should you keep track of your spending before you set your budget?
2-3 months
Explain what a trade off is in terms of spending money?
Deciding to save or spend money on something instead of something else.
Why should you use your net pay when creating a budget?
Net pay is more accurate. It is the money you are actually getting.