In which situation could unlimited data be a NEED for Ethan?

With an hour-long bus ride each way, he needs to submit homework online.

Which question will be most helpful for Marshawn to determine if an item at the mall is a NEED or a WANT?

Will something bad happen if I don't have this item?

The two main portions of a budget are...

the money coming in (income) and the money you're spending (expenses)

Creating a budget can make you feel powerful! Why?

A budget puts you in control of your spending and saving.

Why is it important to be able to decide if an item is a NEED or a WANT?

When budgeting, cover needs first, then spend on wants if money remains.

Why should you use your NET pay when creating a budget?

Your net pay gives a clearer picture of how much you can spend or save.

Kylie plans on using the 50/30/20 rule for budgeting. How will she split her budget?

50% needs, 30% wants, 20% savings

Who has to pay taxes to the US government?

Every person or company that earns income in the US

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Budget

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Test your knowledge on budgeting, taxes, and pay calculations with this engaging quiz on financial literacy.

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Questions 15

Answers

1
In which situation could unlimited data be a NEED for Ethan?
Unlimited data lets him play video games anywhere-- he LOVES gaming.
With an hour-long bus ride each way, he needs to submit homework online.
He loves watching movies, has paid for streaming. He needs data.
He has many social media accounts & needs to check them all the time.
2
How much money has this employee paid in deductions during this pay period?
$15,921.52
$0
$50.00
$692.24
3
Which question will be most helpful for Marshawn to determine if an item at the mall is a NEED or a WANT?
How happy will this item make me?
Do any of my friends have this item?
Will my teachers be excited if I buy this, or will they be disappointed?
Will something bad happen if I don't have this item?
4
The two main portions of a budget are...
the cash you are spending in stores and the bills you are paying online
the money coming in (expenses) and the money you're spending (income)
the items you want to buy and the money you need to save for retirement
the money coming in (income) and the money you're spending (expenses)
5
Creating a budget can make you feel powerful! Why?
Budgeting is extremely easy, so once you set it up, you are done for good.
You can't really budget unless you have an important job.
A budget puts you in control of your spending and saving.
People who budget earn more money, so they can live a better life
6
Justine's part-time job pays her $8 per hour. She works for 10 hours this pay period. How much is her gross pay?
$80, plus any taxes she has to pay
$80, minus any taxes she has to pay
$8
$80
7
Why is it important to be able to decide if an item is a NEED or a WANT?
Needs are worth spending money on, but you should never spend on a want
When budgeting, cover needs first, then spend on wants if money remains.
Needs can be costly, but wants are usually cheaper & don't require tracking
You can't combine needs & wants in one budget—they require separate budgets
8
The federal government budgets its tax money in three main categories: mandatory spending, discretionary spending, and ?
budget funds
free programming
interest on debt
the Constitution
9
Why should you use your NET pay when creating a budget?
Once you have your net pay, you can account for taxes & start your budget.
Your employer knows your gross pay, but you only see your net pay.
Your net pay will always be higher, so you'll have more money to spend
Your net pay gives a clearer picture of how much you can spend or save.
10
How much money has this employee earned in gross pay this pay period?
$46,000.00
$1,307.76
$30,078.48
$2,000.00
11
Each item below would go into her budget in the "Monthly Bills" category EXCEPT...
Clothing
Renters insurance
Cell phone plan
Rent
12
Three of these items are government services funded by taxes. Which one is a personal expense instead?
Medicare and Medicaid
Military protection
NASA space program
Auto insurance
13
Kylie plans on using the 50/30/20 rule for budgeting. How will she split her budget?
50% saving, 30% needs, 20% wants
$50 needs, $30 wants, $20 savings
50% budget, 30% needs, 20% wants
50% needs, 30% wants, 20% savings
14
What are Brandon deduction if his paycheck, says gross pay is $250 and net pay is $200.
$50
$200
$450
$250
15
Who has to pay taxes to the US government?
Every citizen, regardless of their age or working status
No one has to - taxes are a voluntary program
Every person or company that earns income in the US
Anyone who owns a home or attends a public school

Budget Flashcards | StudBud