Vocab
A plan of how money will be spent or saved
budget
A decrease or loss in value
Depreciation
A budgeting method where money for monthly spending is taken out in cash and placed in labeled envelopes.
Cash Envelope Budget
Grocery stores trick you into spending more money by placing their most expensive items where on the shelf?
eye-level
Expenses that are essential for you to be able to live and function
Needs
A cost that appears irregularly or that changes in amount.
Variable Expense
A strategy where you save a specified amount of your paycheck before doing anything with the rest of your money.
Pay Yourself First
Which of the following is a fixed expense?
Groceries
Utilities
Rent
Gas
Rent
The cost per individual unit of a product
Unit Price
A cost that can be expected at regular intervals and that remains the same amount
Fixed Expense
A budgeting method where every anticipated earning is assigned to a role to be spent.
Zero-Based Budget
You have a part-time job where you make $500 a week. After taxes, Social Security, and Medicare are deducted you take home $375. What is your net and gross pay?
Gross Pay- $500
Net Pay- $375
Total earnings after payroll taxes and other deductions have been taken out; also called take home pay.
Net Pay
A type of auto financing that allows you to "rent" a car from a dealership for a certain length of time and amount of miles.
Auto Lease
In the 50/30/20 Budgeting strategy what categories do 50%, 30%, 20% correspond to?
50% Needs
30% Wants
20% Savings
Pepsi cost $1.48 for 1.25 L. What is the unit price?
Round to the nearest cent.
$1.18
A one time, non refundable fee usually between $200-$500 that is charge for having an animal in a rental
pet fee
Total earning before any deductions are taken
Gross Pay
You earn a gross monthly salary of $5,800. Your deductions for taxes, health insurance, and retirement contributions total $1,300. What is your net income after considering all deductions.
$4,500
Which box of cereal has the HIGHEST unit price?
Cereal A: $2.50 for 12 oz box
Cereal B: $2.99 for 16 oz box
Cereal C: $5.25 for 32 oz box
Cereal D: $2.20 for 10 oz box
Cereal A: $0.21
Cereal B: $0.19
Cereal C: $0.16
Cereal D: $0.22