Budgeting
If you earn $3,000 a month, how much should go toward savings using the 50/30/20 rule?
Answer: $600 (20% of $3,000).
What is FOMO, and how can it impact financial decisions?
DOUBLE DOWN
Fear of missing out; it can lead to impulsive purchases or investments.
Name two traits of a successful entrepreneur.
Creativity, perseverance, adaptability, or risk-taking.
Solve: 6% of $200.
$12
What are three things to consider when thinking about your future career?
Personal interests, job market demand, and salary expectations.
Name two examples of fixed expenses and two examples of variable expenses.
Fixed: rent, car loan. Variable: groceries, entertainment.
What is the cognitive bias where people prefer avoiding losses over acquiring equivalent gains?
Loss Aversion
What is the difference between a product-based business and a service-based business?
A product-based business sells tangible goods, while a service-based business offers intangible services.
You borrow $1,000 at a 10% annual interest rate. How much interest will you owe after one year?
DOUBLE DOWN
$100
What is a soft skill? Give one example.
A soft skill is a personal attribute that helps you work well with others, such as communication or teamwork.
What is a zero-based budget?
A budget where every dollar has a job, and income minus expenses equals zero.
How does herd mentality affect investment choices?
People follow others’ financial decisions, even if they aren’t rational.
What does UVP stand for?
What does it mean for a business?
Unique Value Proposition
If you buy 3 pizzas for $9.99 each, what is the total cost, including 8% sales tax?
Answer: $32.37
In an interview, should you ask a question? Why or why not?
Yes, it shows interest in the role and that you’ve done your research.
You have $1,500 in fixed monthly expenses and $1,000 in variable expenses. If your income is $3,000, how much is left for savings?
$500 (Income - Fixed - Variable = $3,000 - $1,500 - $1,000).
What is anchoring, and how can it affect pricing decisions in business?
Anchoring is relying too heavily on the first piece of information offered, like a price.
Your business spends $3,000 on startup costs and earns $12,000 in its first year. What is your return on investment (ROI)?
Answer: ROI = ($12,000 - $3,000) ÷ $3,000 = 300%.
You’re paid $15 an hour and work 25 hours a week. What’s your weekly gross income?
$375
What is the purpose of researching a company before a job interview?
To understand the company’s goals, culture, and how you can contribute.
You want to save $10,000 for a car in 2 years. How much do you need to save per month to reach your goal?
$416.67 (Total savings goal ÷ 24 months = $10,000 ÷ 24).
You see a $50 shirt marked down to $20. Which cognitive bias might make you think it’s a great deal?
Anchoring bias.
To start your business, you need $15,000 for startup costs. You take out a loan with a 5% annual interest rate. If you plan to pay it back over 3 years, what will be the total amount you pay, including interest?
Answer: $15,000 + ($15,000 × 0.05 × 3) = $15,000 + $2,250 = $17,250.
Your savings account earns 2% interest annually, and you deposit $1,500. How much interest will you earn after one year?
$30
Name two ways to make a strong impression during a job interview.
Dressing professionally and preparing thoughtful answers to common questions.