Budget equation
Quiz by Mike Thomson
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9 questions
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- Q1What is gross income?The amount saved in a bankThe total expenses paidThe total earnings before any deductionsThe earnings after taxes30s
- Q2What does net income mean?The amount of money you take home after deductions from your paycheckThe amount you owe in taxesThe amount spent on billsThe total salary before taxes30s
- Q3If Jason earned $50 from his job and spent $30, what is his net gain?$20$30$10$5030s
- Q4Maria sold her bike for $150 and bought it for $100. What was her net gain from the sale?$50$200$150$10030s
- Q5What is the budget equation?Savings + Expenses = IncomeIncome - Savings = ExpensesIncome - Expenses = SavingsIncome + Expenses = Savings30s
- Q6
How do you achieve a net gain after using the budget equation?
When you earn more money than you spend, you are saving money.
When you earn less money than you spend, you are going into debt.
30s - Q7
What is a net loss?
When you earn less money than you spend, you are going into debt.
When you earn more money than you spend, you are saving money.
30s - Q830s
- Q930s