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