Receipts
How long should you keep a receipt for a soda you bought with cash?
Throw away when you get home.
What are the biggest costs when raising an infant?
Birth, diapers, formula, and childcare.
What is disposable income?
The money you have left to spend or save after taxes and other deductions.
What is a tax?
A payment imposed on a taxpayer by a government unit.
What is the different between net pay and gross pay?
Gross pay = what you earn before deductions; Net pay = what you actually "take home"
How long should you keep a receipt for clothes you bought that you aren't sure will fit?
Throw away when you get home after you have tried on the clothes and confirmed that they fit.
What are the biggest expenses when raising a toddler?
Childcare, clothing
What is a financial plan?
A set of goals for saving, spending, and investing the money your receive.
What is a progressive tax?
Takes a larger share one's income as the amount of income grows.
What are benefits?
Forms of compensation in addition to pay.
How long should your keep a receipt from filling up your car with gas?
Folder on your desk - toss after your next account reconciliation
What are the biggest costs when raising a child?
The cost of getting the child their own room/space.
What is a budget?
A spending and saving plan based on your expected income and expenses.
What is a regressive tax?
Takes a smaller share of one's income as their income grows.
What is a salary?
A fixed annual amount of gross pay.
How long should you keep a receipt for a new TV?
In a filing cabinet - toss after warranty expires.
What is the biggest cost when raising a teenager?
Transportation, food
What are fixed expenses?
What is the "ability to pay" principle?
A commonly accepted principle of tax fairness that individuals with higher incomes should pay more taxes that those with lower incomes.
What is overtime?
Time worked beyond your regular hours.
7 years
How must does is cost to raise a child from birth - 17 years old? (on the low end)
$230,000
What are line items in a budget?
They are each item of income and spending that are anticipated in a year.
What does the acronym "IRS" stand for?
Internal Revenue Service
What is an earnings statement?
A document that shows a breakdown of an employees paycheck.