Income and Budgeting (Economics)
QUESTIONS AND ANSWERS
1. Assets - ANSWER-Anything of value owned by means of a person or commercial
enterprise
2. Balanced finances - ANSWER-A plan that shows the cash coming in is equal to the
quantity going out
3. Budget - ANSWER-An estimate of predicted profits and fee for a given period
within the destiny
4. Deductions - ANSWER-An cost deducted from adjusted gross earnings when
calculating deductible profits
5. Deficit - ANSWER-The amount through which fees or liabilities exceed earnings or
property (SHORTAGE)
6. Discretionary spending - ANSWER-When the customer has a CHOICE on what they
want to spend their income on
7. Disposable profits - ANSWER-Amount of cash ultimate AFTER taxes and to be had
for spending
8. FICA - ANSWER-Federal act below which obligatory contributions for SOCIAL
SECURITY and Medicare taxes are deducted from paychecks
9. Fixed fees - ANSWER-charges that don't generally change from month to month
(lease, automobile payment)
10.Gross pay - ANSWER-An man or woman's taxable profits earlier than adjustments
are made
11.Human capital funding - ANSWER-The investment in someone's education training,
or skills improvement
12.Liability - ANSWER-Financial obligations or debt for which a person or agency is
accountable
13.Liquidity - ANSWER-Ability to transform to coins
14.Median income - ANSWER-The midpoint range of earning
15.Net pay - ANSWER-The amount of pay acquired AFTER all deductions had been
subtracted from the gross quantity
16.Net Worth - ANSWER-Total property minus overall liabilities
17.NonDiscretionary spending - ANSWER-Spending is for expenses over which one
DOES NOT HAVE manage
18.Occasional fee - ANSWER-Expenditure of money that happens from TIME TO TIME,
not on a everyday basis
19.Surplus - ANSWER-Amount where revenue exceeds expenditure (more)
20.Variable prices - ANSWER-Expenses that adjust from month to month (utilities,
food, smartphone carrier)
QUESTIONS AND ANSWERS
1. Assets - ANSWER-Anything of value owned by means of a person or commercial
enterprise
2. Balanced finances - ANSWER-A plan that shows the cash coming in is equal to the
quantity going out
3. Budget - ANSWER-An estimate of predicted profits and fee for a given period
within the destiny
4. Deductions - ANSWER-An cost deducted from adjusted gross earnings when
calculating deductible profits
5. Deficit - ANSWER-The amount through which fees or liabilities exceed earnings or
property (SHORTAGE)
6. Discretionary spending - ANSWER-When the customer has a CHOICE on what they
want to spend their income on
7. Disposable profits - ANSWER-Amount of cash ultimate AFTER taxes and to be had
for spending
8. FICA - ANSWER-Federal act below which obligatory contributions for SOCIAL
SECURITY and Medicare taxes are deducted from paychecks
9. Fixed fees - ANSWER-charges that don't generally change from month to month
(lease, automobile payment)
10.Gross pay - ANSWER-An man or woman's taxable profits earlier than adjustments
are made
11.Human capital funding - ANSWER-The investment in someone's education training,
or skills improvement
12.Liability - ANSWER-Financial obligations or debt for which a person or agency is
accountable
13.Liquidity - ANSWER-Ability to transform to coins
14.Median income - ANSWER-The midpoint range of earning
15.Net pay - ANSWER-The amount of pay acquired AFTER all deductions had been
subtracted from the gross quantity
16.Net Worth - ANSWER-Total property minus overall liabilities
17.NonDiscretionary spending - ANSWER-Spending is for expenses over which one
DOES NOT HAVE manage
18.Occasional fee - ANSWER-Expenditure of money that happens from TIME TO TIME,
not on a everyday basis
19.Surplus - ANSWER-Amount where revenue exceeds expenditure (more)
20.Variable prices - ANSWER-Expenses that adjust from month to month (utilities,
food, smartphone carrier)
