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Details Title: Justin Werkheiser Unit 3 Flash Description: Budgeting Total Flash Cards: 25 Created: 10/24/2006 14:25:28	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
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