2. CalculationsBudgeting 101Terms 100 200 300 400 FINAL JEOPARDY

3. What is the % taken out of your check for taxes? Answer

4. What is Income Tax?

5. Money made before deductions and money after deductions Answer

6. What is Gross Income and Net Income?

7. Find the Net Income of a job that makes $27.55 per hour Answer

8. What is $3,085.60?

9. If your gross income is $5,400 a month, calculate 25% of your monthly net income to find how much of your monthly budget can go towards rent. Answer

10. What is $945?

11. A cell phone and Netflix would be considered this. Answer

12. What is a Want?

13. If you have two children, how much does child care cost per month? Answer

14. What is $1,600?

15.  Minimum wage in Montana  How much do you need to save each month?  How much do you need to donate each month? Answer

16. What is $8.05, $20,$10?

17. Calculate the monthly gas payment for a car that gets 21 MPG, holds 22 gallons, $2.35 per gal, 1,500 miles driven. Answer

18. What is $167.85?

19. Define the following: W/DDep LndryA/C Unf Gar Answer

20. Washer / Dryer Laundry Unfurnished Rental Deposit Air Conditioning Garage

21. Write down the education level for each number below: #1 - #2 - #3 - #4 - #5 - #6 - Answer

22. #1 – HS Dropout #2 – HS Diploma #3 – 2 Years of College (Associates Degree) #4 – 4 Years of College (Bachelors Degree) #5 – 6 Years of College (Masters Degree) #6 – 8 Years of College (Doctorate)

23. These terms are used to describe your budget when you have money to spend and are in debt. Answer

24. What is in the black and in the red

25.  Husband’s Job: Mechanic  Income/Wage: $40 an hour  Wife’s Job: Nurse  Income/Wage: $70,000 yearly salary  Combined Monthly Gross Income:  Combined Income Tax:  Combined Monthly Net Income: Answer

26. Monthly Gross Income: $12,233.33 Tax: $3,670 Monthly Net Income: $8,563.33

27. Using the information from the daily double, complete a monthly budget