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PF Unit 2

Personal Finance Unit 2

QuestionAnswer
What is a budget? A plan for managing your moneyduring a given period of time.
What is income? Any money you receive.
What is federal income tax? A fee collected by the federal government to support its programs.
What is state income tax? A fee collected by the state revenue department to support its programs.
What is Social Security tax? It provides a small income and other services to the elderly, disabled Americans, and orphaned minors.
What is Medicare tax? It provides medical insurance to the elderly and to some disabled Americans.
What is gross income? The total amount of income from your wages before any payroll deductions.
What is net income? It is also known as your “take-home pay”.It’s the amount you receive in cash from your paycheck.
What is a Form W-4? A tax form where you claim allowances to determine how much tax will be withheld from each paycheck.
What are fixed expenses? A cost in your budget that will be the same amount every time.
What are variable expenses? A cost in your budget that can fluctuate in amount every time.
What are periodic expenses? A cost that you don’t pay every month. It can be either fixed or variable.
What is P.Y.F. or “pay yourself first”? A concept whereby whenever you receive money, you immediately put a certain amount into an account that you will set aside to use later to meet a long-term financial goal.
Created by: khuber1