FLC: Income Management Flashcards
What is gross income?
The total amount of income that a person receives from all sources.
What is disposable income?
the income that is left after deductions (income tax)
What is budgeting
the process of organizing and controlling your financial resources while deciding in advance how your money will work for you.
Milk is usually the most expensive in the…
Convenience Store
What is fixed expense?
The expenses that stay the same over and over
What is variable expense?
Expenses that vary depending on …
Every pay period, employers withhold a % of employee’s earnings to give to the federal gov. The withholding is made up of…
CPP (Canada Pension Plan), EI (Employment Insurance), and Federal/Provincial Tax
What is CPP
Canada Pension Plan - Fixed amount - Contributory, earnings-related, social insurance program
How many nickels, quarters, and dimes are in a roll?
40 nickels ($2), 40 quarters ($10), 50 dimes ($5).
How do you calculate gross pay?
Rate * Hours
What is a budget comprised of?
Income and Expenses
What 2 factors are important when purchasing a good/service?
A willingness to buy and the ability to purchase.
