Justin Werkheiser Unit 3 Flash

What tax is used to fund hospital insurance?
Medicare
What tax is used to support old-age,survivors, and disability insurance?
Social Security
Income or Expences? Car Payment?
Expences
Expences that change from month to month?
Variable Expences
Fees used to support government programs?
Taxes
Income or Expences? Money you recieve?
Income
A tax collected by the employer and paid to the state revenue department is called?
State Tax
Amounts subtracted from gross income?
Deductions
Amount of income before deductions?
Gross Income
What expences are the one that have a set dollar amount each month?
Fixed Income
Taxes paid to the IRS?
Federal Tax
Income or Expence? Birthday?
Income
Income or Expence? Electricity Bill?
Expence
Icome or Expence? Paycheck?
Income
List three deductions that are subtractedfrom most people’s paychecks?
State taxes
Federal Taxes
Social Security
The two parts of budgeting are?
Income and Expence
True or False. A personal budget should be planned for a specific period of time?
True
True or False. You can think of PYF as a bill you owe yourself?
True
True or False. When the costs of a service outweigh its benefits, its a good purchase?
False
True or False. You must be able to differentiate between your needs and your wants?
True
True or False. Income and spending must balance each other?
True
True or false. A car payment is an example of a variable expence?
False
What is it called when money is taken out of a paycheck by an employer to pay for taxes, health insurance, etc…?
Payroll Deductions
What is net income?
The take-home pay
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?
Checking Account

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