1) A budgeting method that allocates 50% to needs, 30% to wants, and 20% to savings and debt repayment a) 50/30/20 Budget b) Wage c) Surplus d) Wants 2) A plan of your expected income and how you will use it to meet your expected expenses over a period of time a) Pay Yourself First b) Deficit c) Wants d) Budget 3) Any items subtracted from your paycheck, including state and federal income taxes, Social Security, health insurance or 401(k) contributions a) Gross Pay b) Net Pay c) 50/30/20 Budget d) Deduction 4) When your expenses exceed your income a) Deficit b) Fixed Expense c) Needs d) 50/30/20 Budget 5) Items or services you pay for such as rent, groceries, entertainment, bills, etc. a) Expenses b) Deficit c) Wage d) Income 6) A cost that can be expected at regular intervals and that remains the same amount (e.g., monthly rent payment) a) Cost of Living b) Fixed Expense c) Net Pay d) Needs 7) Total earnings before any deductions are taken a) Gross Pay b) Budget c) Pay Yourself First d) Income 8) Money that is received from work, investments, business, etc. a) Deduction b) Income c) Deficit d) Salary 9) Expenses that are essential for you to be able to live and function a) Zero-Based Budget b) Expenses c) Pay Yourself First d) Needs 10) Total earnings after payroll taxes and other deductions have been taken out; also called take-home pay a) Gross Pay b) Wage c) Cash Envelope Budget d) Net Pay 11) A strategy where you save a specified amount of your paycheck before doing anything with the rest of your money a) Pay Yourself First b) Gross Pay c) Deduction d) Variable Expense 12) When your income exceeds your expenses and you have money leftover a) Surplus b) Zero-Based Budget c) Deficit d) Utilities 13) A fixed amount that you are paid over a period of time, regardless of how many hours you work a) Salary b) Gross Pay c) Needs d) Budget 14) The basic services your home, apartment, or business needs to keep it comfortable and functioning properly (e.g. water, electricity, etc.) a) Utilities b) Cost of Living c) Surplus d) Wants 15) A cost that appears irregularly or that changes in amount (e.g., utility bills) a) Salary b) Deduction c) Variable Expense d) Surplus 16) A set amount you are paid for every hour that you work; also called hourly pay a) Pay Yourself First b) Salary c) Deduction d) Wage 17) Expenses that help you live more comfortably a) Wants b) Deficit c) Utilities d) Wage 18) A budgeting method where every anticipated earning is assigned a role to be spent, saved, or invested somewhere, so there's no "leftover" money with no purpose a) Pay Yourself First b) Wage c) Needs d) Zero-Based Budget 19) A budgeting method where money for monthly spending is taken out in cash and placed in labeled envelopes according to budget categories. Spending occurs only from the corresponding envelopes. a) Zero-Based Budget b) Cost of Living c) Pay Yourself First d) Cash Envelope Budget 20) The amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare; often used when comparing how expensive it is to live in one city versus another a) Net Pay b) Cost of Living c) Income d) Cash Envelope Budget

Budgeting Vocabulary

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