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PF Unit 2
Personal Finance Unit 2
| Question | Answer |
|---|---|
| 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
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