Lifestyle Budgeting
Lessons

Setting up a Budget

Estimating Expenses

Recognizing Budget Problems

Cutting the Fat from your Budget

Calculating Your Housing Budget

Dealing with Debt

Staying Out of Debt

Coping with Taxes

Adapting Lifestyle to Paycheck

Assessment

1. An exempt employee is someone who doesn’t pay taxes.

Your answer, False, is correct. An exempt employee is someone who doesn’t receive overtime pay.

2. Most people have only two or three deductions from their paycheck.

Your answer, False, is correct. Most people have more than two or three deductions from their paychecks.

3. Federal income tax often accounts for the largest deduction from a paycheck.

Your answer, True, is correct. Federal income tax often accounts for the largest deduction from a paycheck.

4. OASDI is part of Social Security.

Your answer, True, is correct. OASDI is part of FICA, which is a segment of Social Security.

5. Many states charge residents an income tax.

Your answer, True, is correct. Many, but not all, states charge residents an income tax.

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