Term
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Definition
| tax used to fund hospital insurance provided under the Social Security System |
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Term
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Definition
| a tax to provide support to old-age, survivors, and disability insurance |
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Term
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Definition
| a plan for managing money during a given period of time. |
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Term
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Definition
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Term
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Definition
| total amount of income before deductions |
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Term
| ____________ _______________ is the amount subtracted from gross income |
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Definition
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Term
| ________ are fees used to support government programs |
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Definition
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Term
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Definition
| a fee for the support of federal government programs |
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Term
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Definition
| a fee collected by your employer and paid to the state revenue department to support state programs |
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Term
| money going out on your needs and wants |
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Definition
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Term
| set dollar amounts aznd are the exact amount every time |
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Definition
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Term
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Definition
| expenses that change from month to month |
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Term
| what are three types of taxes companies take from your check? |
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Definition
1. Social Security Tax
2. Medicare Tax
3. Federal W/H Tax |
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Term
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Definition
| how you handle money coming in and money going out. |
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Term
| what are the two types of budget? |
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Definition
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Term
| what does P.Y.F. stand for? |
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Definition
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Term
| What is the purpose of a W-4? |
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Definition
| to allow the employer to withhold federal inocme taxes from the employees wages |
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Term
| What is the purpose of a W-2? |
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Definition
| to itemize how much money was earned by an employee and how much was withheld and sent to the IRS |
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Term
True or False:
A personal budget should be planned for a specific period of time. |
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Definition
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Term
True of False:
You can think of PYF as a bill you owe yourself. |
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Definition
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Term
True or False:
When the costs of a service outweigh its benefits, it's a good purchase. |
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Definition
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Term
True or False:
You must be able to differentiate between your needs and wants |
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Definition
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Term
True or False:
Income and spending must balance each other. |
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Definition
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Term
True or False:
a car payment is an example of a variable expense. |
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Definition
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Term
which of the following could not be called income?
A. an allowance
B. a paycheck
C. interest pain on a loan
D. interest received from a savings account |
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Definition
| C. interest paid on a loan |
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Term
which one of the following could be called an expense?
A. payment on a bank loan
B. interest received from a savings account
C. an allowance
D. a paycheck |
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Definition
| A. payment on a bank loan |
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