the amount you will receive when you cash your check

SL Credit For Life Quiz Break Flashcards

1

A successful budget:

should reflect current and future income
should not need to be re-evaluated once it is in place
should never show any variances
should be flexible

2

What you earn after deductions is called:

gross pay
net pay
income
withholding

3

What are expenses that fluctuate month to month?

budget varience
variable expense
fixed expense
expenditures

4

Putting together a good budget is a very time consuming process.

True
False

5

Your expenses can exceed your net pay as long as they don't exceed your gross pay.

False
True

6

Which of the following is a variable expense?

insurance premium
rent
groceries
mortgage payment

7

Allowances, wages, tips, and interest are examples of what?

income
savings
net pay
expeditures

8

Which option best describes money management?

getting the most for your money
living well below your means
find a way to satisfy all of your needs and wants
rarely spending money

9

Regularly occurring expenses are known as:

fixed expense
expenditures
variable expense
withholding

10

Take home pay is:

money available to spend, result of working + other income
the amount you will receive when you cash your check
amount of paycheck before taxes and other payroll deductions
cash inflow, minus cash outflows

11

What can help protect you against unexpected expenses?

savings
withholding
budget variance
budget

12

A road map for using money is also known as a:

budget varience
savings
budget
gross pay

13

Financial planning generally reduces an individual's financial uncertainties.

False
True

14

Which of the following is a plan for using money?

net pay
budget
income
gross pay

15

What do you call your earnings before deductions?

net pay
withholding
income
gross pay

SL Credit For Life Quiz Break

Questions 15

SL Credit For Life Quiz Break

Questions 15