Income and Paychecks
What is money that is earned from a job before taxes are taken out?
What is an expense that is essential for living?
A Need
This is money that is set aside for unexpected expenses.
Emergency fund
Comparing prices before buying something will help you to do what?
Save money
What is a plan for how you will spend and save your money called?
What is the amount you actually take home after deductions from your paycheck?
Net pay
Netflix, concert tickets, and name brand shoes are an example for what?
A want
What is a specific amount of money you plan to save for something in the future?
A savings goal
Buying something on an impulse without planning for it is called what?
Impulse Purchase
What is an expense called when the amount stays the same each month, like rent or a phone bill?
Fixed expense
W-4 Form
Housing, food, transportation, and healthcare are common examples of what?
You want to save $600 for a laptop in 6 months. To reach your goal, you need to save this amount each month.
$100 a month
What is it called when there is a percentage reduction from the original price?
A discount
If your monthly income is $1,200 and your expenses are $950, this is the amount left over.
$250.00
What are two common deductions taken from paychecks in the U.S?
Federal Taxes and Social Security/Medicare Taxes
You have $50 left after paying all your bills. You can either buy a new video game or save the money for a car you want. The video game is considered this type of expense.
Want
If you have $25 a week for 20 weeks, how much money will you have saved in 20 weeks?
$500
If an item costs $80.00 and it is 25% off, what is the price of the item?
What is an expenses that can change from month to month, like entertainment or dining out.
If you work 20 hours at $15.00 an hour, what is your gross weekly pay?
When making a budget, should you prioritize needs or wants?
What is the money that is earned on money you save in a bank account called?
Interest
A strategy that can help reduce impulse spending by giving yourself time to think before buying.
24--hour rule
The 50/30/20 rule suggests spending 50% on needs, 30% on wants, and this percentage on savings or debt repayment.
20%