Question

1. when looking at your paycheck, your ____________ is your take-home pay.

○ taxable income
○ net income
○ gross income
○ salary

1. when creating a budget, its important to determine which expenses are ____________-items or services that are nice to have but not essential

○ wants
○ needs

Explanation:

1. For the first question: Take-home pay is the amount left after deductions (taxes, insurance, etc.) are subtracted from gross income, which is defined as net income. Taxable income is the amount subject to taxes, gross income is total earnings before deductions, and salary is a fixed regular payment, none of which match take-home pay.
2. For the second question: Wants are non-essential items or services that are nice to have, while needs are essential expenses required for basic living (like housing, food). The description matches the definition of wants.

Answer:

1. B. net income
2. A. wants