Budgets
The process of planning and managing your finances, including income and expenses.
What is a budget?
A strategy to eliminate unexpected expenses.
What is cutting back on discretionary purchases?
The amount of money that you earn every hour that you work when you are paid by the hour.
What is hourly pay?
A tax collected by the United States Internal Revenue Service (IRS) on the annual earnings of individuals and businesses.
What is federal income tax?
The code that you enter into the automatic teller machine when you are making a transaction. The code verifies that it is you and allows access to your accounts.
The amount of money a person typically earns in a specific occupation over a certain period.
What is average salary?
A strategy that prioritizes saving and helps limit spending.
Additional hourly pay for working over the regulated amount of weekly hours.
What is Overtime pay?
One of the states with no state income tax.
Alaska, Florida, Nevada, South Dakota, Texas, Washington, Wyoming, and Tennessee
Slips of paper that list the information on your bank account. You fill them out based on the exact amounts of money that you wish to direct to someone else.
What is a check?
The electric bill is this type of expense.
What is a variable expense?
True or false: Mr. Moore has never made a budget.
False.
Total Pay=Rate per Item ×Number Produced
What is the piecework calculation?
The percentage of all yearly earnings is deducted from your pay for Medicare.
What is 1.45%?
A place to keep a written record of all the deposits and payments made from your checking account.
What is a check register?
The three main categories of expenses.
What are fixed expenses, variable expenses, and discretionary expenses?
How can automating bill payments and savings contributions improve budget management?
You can ensure you're paying your bills on time and avoid costly late fees.
All earnings are based on performance in terms of sales and no fixed salary is paid.
The act requires employers to deduct 7.65% of your income for Social Security and Medicare Taxes.
What is the Federal Insurance Contributions Act (FICA)?
Sarah Sotomayor received her bank statement for June. Her previous balance was $970.65. She wrote checks for $152.78, $67.89, and $231.90. She made deposits of $302.10, $89.67, and $209.65. What is her current balance?
$1,119.50
The percentage of your income that goes into savings.
10-15%
Benefits of seeking financial advice or counseling when facing budget challenges.
Develop healthier financial habits, improve money management skills, and address emotional barriers, financial therapy can contribute to greater financial well-being and overall life satisfaction
Eugene Tsang sells used cars. He is paid a commission of 2 percent of his first $15,000 worth of sales and 2.5 percent of sales over $15,000. What is his commission on $18,750 worth of sales?
what is $393.75
Jane owes $3,750 in state income tax.
Comparing the bank's records of checking account activity with your own records of activity for the same account.
What is reconcile?