Shared Flashcard Set

Details

Justin Werkheiser Unit 3 Flash
Budgeting
25
Education
12th Grade
10/24/2006

Additional Education Flashcards

 


 

Cards

Term
What tax is used to fund hospital insurance?
Definition
Medicare
Term
What tax is used to support old-age,survivors, and disability insurance?
Definition
Social Security
Term
Income or Expences? Car Payment?
Definition
Expences
Term
Expences that change from month to month?
Definition
Variable Expences
Term
Fees used to support government programs?
Definition
Taxes
Term
Income or Expences? Money you recieve?
Definition
Income
Term
A tax collected by the employer and paid to the state revenue department is called?
Definition
State Tax
Term
Amounts subtracted from gross income?
Definition
Deductions
Term
Amount of income before deductions?
Definition
Gross Income
Term
What expences are the one that have a set dollar amount each month?
Definition
Fixed Income
Term
Taxes paid to the IRS?
Definition
Federal Tax
Term
Income or Expence? Birthday?
Definition
Income
Term
Income or Expence? Electricity Bill?
Definition
Expence
Term
Icome or Expence? Paycheck?
Definition
Income
Term
List three deductions that are subtractedfrom most people's paychecks?
Definition
State taxes
Federal Taxes
Social Security
Term
The two parts of budgeting are?
Definition
Income and Expence
Term
True or False. A personal budget should be planned for a specific period of time?
Definition
True
Term
True or False. You can think of PYF as a bill you owe yourself?
Definition
True
Term
True or False. When the costs of a service outweigh its benefits, its a good purchase?
Definition
False
Term
True or False. You must be able to differentiate between your needs and your wants?
Definition
True
Term
True or False. Income and spending must balance each other?
Definition
True
Term
True or false. A car payment is an example of a variable expence?
Definition
False
Term
What is it called when money is taken out of a paycheck by an employer to pay for taxes, health insurance, etc...?
Definition
Payroll Deductions
Term
What is net income?
Definition
The take-home pay
Term
What is it called when an account you make at a financial institution that you use for convience and to minimize the amount of cash you need to carry?
Definition
Checking Account
Supporting users have an ad free experience!