Personal Finance Unit 2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| What is a budget? | A plan for managing your moneyduring a given period of time.
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| What is income? | Any money you receive.
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| What is federal income tax? | A fee collected by the federal government to support its programs.
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| What is state income tax? | A fee collected by the state revenue department to support its programs.
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| What is Social Security tax? | It provides a small income and other services to the elderly, disabled Americans, and orphaned minors.
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| What is Medicare tax? | It provides medical insurance to the elderly and to some disabled Americans.
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| What is gross income? | The total amount of income from your wages before any payroll deductions.
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| What is net income? | It is also known as your “take-home pay”.It’s the amount you receive in cash from your paycheck.
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| What is a Form W-4? | A tax form where you claim allowances to determine how much tax will be withheld from each paycheck.
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| What are fixed expenses? | A cost in your budget that will be the same amount every time.
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| What are variable expenses? | A cost in your budget that can fluctuate in amount every time.
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| What are periodic expenses? | A cost that you don’t pay every month. It can be either fixed or variable.
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| 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.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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