18.1,.2, and .3

Question 1

Personal financial management

Answer 1

is a process used by individuals to manage limited income to meet personal unlimited needs and wants

Question 2

financially capable

Answer 2

means having the ability to understand basic topic related to finance

Question 3

earned income

Answer 3

is the income received from employment or from self-employment

Question 4

minimum wage

Answer 4

is the lowest hourly wage employers can pay most workers by law

Question 5

overtime wage

Answer 5

is the amount paid for working time in a week that is beyond the standard 40- hour workweek

Question 6

tip

Answer 6

is money for service beyond the payment that is required

Question 7

payroll deduction

Answer 7

is the subtraction from Gross pay

Question 8

gross pay

Answer 8

is total income before payroll deductions

Question 9

net pay

Answer 9

is gross pay minus payroll deductions

Question 10

form W-4

Question 11

FICA taxes

Question 12

fixed expenses

Question 13

variable expense

Question 14

variance