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Managing Your Money

Managing Your Money. Ch. 15 Sec. 1 Pp. 401-407. Managing Your Money. Understand your income Know your expenses Understand credit Make a budget: 1) savings 2) spending. Income: Knowing What You Earn. Money you receive for your work Salary – same no matter the hours

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Managing Your Money

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  1. Managing Your Money Ch. 15 Sec. 1 Pp. 401-407

  2. Managing Your Money • Understand your income • Know your expenses • Understand credit • Make a budget: • 1) savings • 2) spending

  3. Income: Knowing What You Earn • Money you receive for your work • Salary – same no matter the hours • Commission – based on your sales • Hourly – based on hours you work • Fringe Benefits – extras like insurance, vacation • Other Income – stock or dividends • Disposable Income – after taxes

  4. Making Financial Choices • Based on goals and values • Make a budget • Fixed expenses (stays same) and variable expenses (changes) • Budgets give you confidence and responsibility

  5. Questions • Which is an example of earned income? • a. stock dividends • b. paid sick leave • c. wages • d. inheritance

  6. Questions • Stockholders receive payments from a company through which method? • a. dividends • b. time deposits • c. liquidity benefits • d. cash

  7. Questions • Which are fringe benefits provided by an employer? • a. medical insurance and sick leave • b. gifts and inheritance • c. savings account interest and dividends • d. wages and salary

  8. Questions • A monthly electricity bill is which kind of expense? • a. fixed expense • b. variable expense • c. disposable income • d. pay in full

  9. Questions • How would a person plan his or her spending and saving? • a. using a commission for a trip to Hawaii. • b. including interest from a savings account as income. • c. making a budget. • d. selling property in Florida.

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