Consumer Ed
Alimony
A legally required allowance for maintenance paid by one spouse to another upon separation or divorce
Hourly Wage
A pay scale defined as a specific amount per time period worked
Royalties
A payment for rights to property based on percentage of the revenue generated by it
Bonus
A payment in addition to the normal wage or salary as a reward for work well done
Dividend
A portion of a corporation's distributed profits normally measured as an amount per share
commission
A sum of money paid to an agent or salesperson
Annuity
An investment plan providing guaranteed retirement income
Social Security
Government payments to elderly, unemployed, and disabled persons financed by contributions from employees and employers
Gift
Money or property given freely to another
True
T or F A budget will help you be independent
Disability income
Transfer payments made to individuals who are seriously or permanently disabled
Salary
A fixed, yearly compensation paid to a person for regular work or services
False
A salary, commissions, and gifts are all fixed sources of income
hospital bills
which of these would be an unexpected expense? -car maintenance -insurance premiums -hospital bills -home furnishings
Tip
A gratuity received for service
Repairs
A car warranty is designed to protect you from which of these expenses? -insurance -maintenance -Lease payments -repairs
Allowance
An amount of money given periodically to an individual for performing little or no work
Trust fund
An amount of money or property administered by an individual or organization for the benefit of another individual or organization
Capital Gain
An increase in the value of an asset
Entertainment
Buying the basics does not refer to which of these? -food -utilities -clothing -entertainment
fixed
Clothing would not be which type of expense? -Variable -Periodic -Discretionary -Fixed
Net pay
Gross pay minus deductions equals which of these? -Earned Income -Net worth -Net pay -Discretionary Income
April
Over the past decade, Tax Freedom Day has mainly been in which month? -March -April -May -June
True
T or F A biweekly paycheck comes every two weeks
False
T or F A budget will guarantee that you always have enough income to live on
True
T or F A budget will help you learn to live on your income
False
T or F A variable source of income is easier to budget than a fixed source
True
T or F Capital gains and bonuses are variable sources of income
True
T or F It is important not only to know how much you're paid, but when you're being paid
True
T or F One goal of budgeting is to smooth out the bumps in your income
False
T or F Royalties and profits are both fixed sources of income
False
T or F The three most common pay periods are bimonthly, monthly, and biweekly
False
T or F You can not control when your bills are due
True
T or F Your budget needs to match your spending to when you receive your income
Profit
The net amount earned after deducting the costs of doing business
Interest
The price paid for the use of money over time
Real Estate Taxes
Which of these is not a cost of renting an apartment? -insurance -real estate taxes -security deposit -utilities
Home Equity
Which of these is not a liability? -home equity -car loan -outstanding bills -taxes
Cooking
Which of these is the cheapest way to eat? -eating out -ordering in -cooking
Salary
Which of these means a fixed, yearly compensation paid for regular work? -hourly wage -annuity -commission -salary
Hourly Wage
Which of these means a specific amount of pay per time period worked? -Salary -Hourly Wage -Commission -Tip
Insurance
Which of these should be the first line of defense if your apartment is robbed? -savings -insurance -credit
Fads
Which of these should you avoid when buying clothing on a budget? -Fashion -Seconds -Classics -Fads
Unemployment
Which of these taxes is not a paycheck deduction? -Federal Income -State income -Social Security -Unemployment
Excise
Which of these taxes would not be a part of withholding? -Income -Excise -Medicare -Social Security
Periodic
Which type of expense would best describe car maintenance? -Fixed -Variable -Periodic -Unexpected
dividend
Which type of income is not a payment for work? -Salary -Royalty -Dividend -Commission
Telephone
Which utility bill is least likely to be included in your rent? -Water -Heat -Cable -Telephone
net worth
assets minus liabilities equal which of these? -net worth -total spending -net income -discretionary spending
expenses
buying the basics refers to which of these? -withholding -expenses -discretionary spending -liabilities
discretionary spending
net pay minus expenses leaves which of these? -net worth -take home pay -liabilities -discretionary spending
Capital Gain
which form of income is an increase in the value of an asset? -Dividend -Annuity -Capital Gain -Royalty
insurance
which line of defense is least helpful if you need to replace your old car? -savings -insurance -credit
hourly wages
which of these is a fixed source of income? -royalties -tips -dividends -hourly wages
Equity
which of these is an advantage of home ownership? -equity -depreciation -mobility -cost
annuity
which of these is not a reward for work well done? -bonus -annuity -profit -tip
taxes
which of these is not an asset? -checking account -Taxes -stock -wages
Bimonthly
which of these is the least common pay period? -Monthly -bimonthly -weekly -biweekly
saving
which of these should be considered a regular monthly expense? -saving -travel -home furnishings -entertainment
buy whats hot
which of these will not help you keep your clothing budget down? -Shop Sales -read labels -buy in quantity -buy what's hot
convenience stores
which of these will not help you keep your food budget down? -coupons -convenience stores -store brands -comparison shopping
royalties
which of these would be the least common type of income for an employee? -capital gain -interest -dividends -royalties
fixed
which source of income is easiest to budget? -Fixed -variable -periodic -unexpected
periodic
which type of expenses are necessary, but irregular? -fixed -variable -periodic -unexpected
salary
which type of income would be least common for a high school student? -allowance -hourly wages -salary -intrest
Rent
Payment for the use of real property
Child support
Payments made by one party for care and upbringing of a child after divorce
Pension
Regular income payments made to an employee after they retire
Medicare
Which of these could not be a State Tax? -Excise -Income -Sales -Medicare
Unemployment Benefits
Regular payments from state funds of a certain amount of money to qualified workers without jobs
Fixed
Rent would be which type of expense? -Fixed -Variable -Periodic -Unexpected
National Brands
Which of these foods is typically the most expensive? -National Brands -Generic -Store Brands -Bulk Brand
Mobility
Which of these i snot a benefit of buying a home? -Mobility -Equity -Appreciation -Tax Savings
Security Deposit
Which of these is not a cost of home ownership? -Mortgage Brands -Utilities -Real Estate Taxes -Security Deposit