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Unit 2 Personal Finance Objective 2.04 Flashcards | StudBud
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Unit 2 Personal Finance Objective 2.04
What is net gain?
What are expenses?
Unit 2 Personal Finance Objective 2.04
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Income and Expense Statement
Flashcards
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Questions
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Answers
1
What are expenses?
Money saved
Utilities
Money spent
Food
2
What is net gain?
making a lot of income
Improving your net income
When expenses are greater than your income
When your income is greater than your expenses
3
If I put money in my savings account what is it?
salary
taxes
income
expense
4
What is net income?
a tool that summarizes your transactions
insurance premium
what is left in your paycheck after salary and deductions
family member care
5
What is an Income and Expense Statement?
What is left in paycheck after taxes and other deductions.
individual income earned as wage before taxes and deductions
social security
financial management tool
6
Which of the following is a list of expenses found on an income and expense statement.
commission
salary
tuition for private school
scholarships
7
Net worth is:
the amount of debt you have
assets - liabilities
the amount you earn each year
the amount of credit you have
8
What is income?
Money received
Child support
Free money
Spent money
9
The three parts of the Income and Expense Statement are:
car payments, insurance premiums, street address
Income, expenses, net gain or net loss
income, housing, taxes
income, salary and wage, insurance premiums
10
Property, liability, home and automobile is expenses listed under the_______ category?
saving and investing
earned income
taxes
insurance premiums
11
If I make $20,000 a year before taxes and other deductions, that is called my?
gross income
net expenses
gross expenses
401K
12
Which of the following is a housing expense?
entertainment
gasoline
groceries
utilities
13
What is more important your income or your expenses?
Income
Neither
Both
Expenses
14
Gross income is:
money you have invested
Your assets- liabilities
Income that is unclean
the total money you have earned
15
What should you do if you have a net loss on your Income and Expense Statement?
Save more money
Earn more money
Spend less money
All of the abouve
16
Money that you earn from work is:
social security
earned income
savings
unearned income
17
What are the forms of income you can have?
investment earnings
government programs
job
all of the above
18
What is gross income?
income earned as salary before taxes and other deductions.
insurance organization
saving and investing
money recorded
19
How do you fine your net gain or net loss?
expenses+income
income + income
income-expenses
liabilities + assets
20
Who should have an Income and Expense Statement?
Grandma
Everyone
Men
Women
21
What is an Income and Expense Statement?
tax refund
way to keep track of your income and expense & net gain/loss
workers compensation
money from other sources
22
What is the best way to track your income and expenses?
Remembering it by heart.
keeping receipts
Writing it down
guessing
23
How does an Income and Expense Statement benefit you?
It doesn't do anything important
Helps tack your income and expenses
Calculates your net worth
It helps create a resume
