Income
Expenses
Budget
Deductions
Spending/Saving
100
The total amount of income from your wages before any payroll deductions.
What is Gross income?
100
This expense costs the same amount every time.
What is a fixed expense?
100
A plan for managing your money during a given period of time.
What is a budget/spending plan?
100
This tax is collected by every employer on behalf of its employees and then sent to the state revenue department.
What is state income tax?
100
The first step in creating a budget.
What is decide the time frame your tracking your income and expenses?
200
This is also known as your "take home pay".
What is net income?
200
These expenses fluctuate in amount so you usually have more control over how much they'll be.
What are variable expenses?
200
It is important to know what these are when creating your spending plan.
What is my values?
200
A fee collected by the federal government to support its programs.
What is federal income tax?
200
An important part of achieving the goals you set in your financial plan.
What is a budget?
300
Any money you receive.
What is income?
300
These expenses are ones you don't pay every month and can be either fixed or variable.
What are periodic or occasional expenses?
300
You are pretty much operating in the dark when making money decisions.
What is what happens when you don't use a spending plan?
300
This tax provides a small income and other services to the elderly, disabled Americans and orphaned minors.
What is Social Security Tax?
300
The envelope system, the tally system, checking account register, budget spreadsheet and personal finance software.
What are strategies for staying on track?
400
This refers to the money you have coming in as well as the money you have going out.
What is cash flow?
400
Magazine subscription renewal.
What is an example of a periodic expense?
400
This allows you to see where your money is really going.
What is tracking your spending?
400
Medicare tax.
What is the tax which provides medical insurance to the elderly and to some disabled Americans?
400
Checking account statements, savings and investment statements, pay stubs, tax documents, insurance statements, loan and credit card statements and warranties for big-ticket items.
What are documents you should keep and organize?
500
Money you earn from a job, allowance, a check for your birthday, interest you earn on your savings account and money from selling your stuff.
What are examples of income?
500
The most important expense
What is PYF or Pay yourself first?
500
This allows you to prioritize your spending and saving.
What is a spending plan?
500
The information on this form is used by the federal government to calculate your tax deductions.
What is the W-4 Form?
500
These are not meant to be written in stone because each element will change over time.
What are budgets?
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