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Budgeting What’s A Budget? / Your Income 1 1) Circle True or False after each statement. 1. A budget will help you learn to live on your income . . . . . . . . . . . . . . . . . . . True False 2. 3 A budget will guarantee that you always have enough income to live on . . A variable source of income is easier to budget than a fixed source . . . . . . . True False True False 4. A budget will help you be independent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . True False 5. A salary, commisions and gifts are all fixed sources of income . . . . . . . . . . . True False 6. One goal of budgeting is to smooth out the bumps in your income . . . . . . . True False 7. 8. You can not control when your bills are due . . . . . . . . . . . . . . . . . . . . . . . . . . Royalties and profits are both fixed sources of income . . . . . . . . . . . . . . . . . True False True False 9. A biweekly paycheck comes every two weeks . . . . . . . . . . . . . . . . . . . . . . . . . True False 10. It is important not only to know how much you’re paid, but when you’re paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . True False 11. Captial gains and bonuses are variable sources of income . . . . . . . . . . . . . . True False 12. The three most common pay periods are bimonthly, monthly and biweekly True False 13. Your budget needs to match your spending to when you receive your income True False 14. Tips, interest and dividends are all fixed sources of income . . . . . . . . . . . . . True False 15. It would not be uncommon for a high school student to receive wages, gifts and interest as income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . True False 16. Most workers’ income includes either wages or a salary . . . . . . . . . . . . . . . . True False 17. 18. It would not be uncommon for a high school student to receive a salary, profits and dividends as income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In general, all income can be defined as payment for work . . . . . . . . . . . . . True False True False 19. A budget is a spending plan to control the flow of your money . . . . . . . . . . . True False 20. A budget will help you reach your financial goals . . . . . . . . . . . . . . . . . . . . . True False Name: ____________________________________ Class: _______________________ Period: ____
Budgeting Your Income 2 1) Listed below are 21 types of income. Match each type of income with the proper definition. 1. Alimony 2. Allowance 3. Annuity 4. Bonus 5. Capital Gain 6. Child Support 7. Commission 8. Disability Income 9. Dividend 10. Gift 11. Hourly Wage 12. Interest 13. Pension 14. Profit 15. Rent 16. Royalties 17. Salary 18. Social Security 19. Tip 20. Trust Fund 21. Unemployment Benefits 11 9 16 2 18 17 21 19 6 7 8 10 1 5 13 14 4 3 20 15 12 A pay scale defined as a specific amount per time period worked. A portion of a corporation's distributed profits normally measured as an amount per share. A payment for rights to property based on a percentage of the revenue generated by it. An amount of money given periodically to an individual for performing little or no work. Government payments to elderly, unemployed and disabled persons financed by contributions from employees and employers. A fixed, yearly compensation paid to a person for regular work or services. Regular payments from state funds of a certain amount of money to qualified workers without jobs. A gratuity received for service. Payments made by one party for care and upbringing of a child after divorce. A sum of money paid to an agent or salesperson. Transfer payments made to individuals who are seriously or permanently disabled. Money or property given freely to another. A legally required allowance for maintenance paid by one spouse to another upon separation or divorce. An increase in the value of an asset. Regular income payments made to an employee after they retire. The net amount earned after deducting the costs of doing business. A payment in addition to the normal wage or salary as a reward for work well done. An investment plan providing guaranteed retirement income. An amount of money or property administered by an individual or organization for the benefit of another individual or organization. Payment for the use of real property. The price paid for the use of money over time. Name: ____________________________________ Class: _______________________ Period: ____
Page 1: Teacher Answer Key Topic Type Page
Page 5 and 6: Budgeting Your Spending 4 1) Read e
Page 7 and 8: Budgeting The Unexpected / Net Wort
Page 9: Budgeting Math Problems 8 Solve eac

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