Personal Spending
Name 3 needs and 3 wants.
Needs: Shelter, water, food, clothing
Wants: Anything not needed to survive.
Name 1 deduction on a paycheck.
State and Federal taxes, 401K, medicare, social security
What card is connected to your bank account?
debit card
Name 2 tricks grocery stores do to get you to spend more.
The put dairy and necessary items in the back so you have to pass by more items.
Eye-level
cash register snacks
upbeat music
bakery smells
You bought a VR headset instead of a gift for your dog’s birthday. What is your opportunity cost?
The gift for your dog.
Love, friendship and loyalty are examples of _______.
Values
Mallory worked for 40 hours in one pay period at a horse farm. She makes $10 per hour. What is Mallory's gross income?
$400
When you have a credit card, you get what at the end of the month to track expenses?
a. budget
b. statement
c. a new card
d. monthly interest
b. statement
Daily Double! Worth 400 points
If you decide to get a credit card a good practice is to . . .
a. pay it off each month
b. pay the minimum payment each month
c. Ask your parents to pay for it
d. Do not get one at all
a. pay it off every month
You have $100, you decide to gift it to your best friend instead of buying Nikes. What is your opportunity cost?
Nikes
It is important to create a _________ in order to track money earned and money spent.
spending plan or budget
Daily double! Worth 600 points!
Define gross and net pay.
Gross is income before deduction and net is pay after deductions.
A debit card will charge you a fee if you use an out of network ____.
ATM
What is the percentage rule for saving, spending and investing?
___ % spend
___ % save
___ % invest
70/20/10
You go to the mall with your friend, you have $25 to spend. You decide to spend the money at Chick-fil-a for you and your friend, instead of buying a new pair of jeans. What is scarce in this scenario?
money
If you go to Wawa and you end up buying candy because you were hungry this is an example of what type of spending?
a. impulse
b. advertisement
c. bright colors
d. item placement
a. impulse
Kelsey receives a $.20 raise from her minimum wage $7.25. Figure her gross income for 35 hours in a 2 week pay period.
$260.75
What is 1 advantage of a debit card?
Buy now, pay now, no interest charges
Provide an example of a fixed and flexible expense.
Fixed: car payment, rent/mortgage
Flexible: Food, entertainment
You stayed up until 3am Friday night playing video games, so you decide to spend your Saturday sleeping all day. Name 3 opportunity costs since deciding to sleep.
Various answers, hanging with friends, studying, going to an amusement park, etc.
What degree do you earn for graduating Carroll Community College?
Associates degree
Kelsey's gross income: $260.75
The taxes or withholdings are: Federal- $24.10, State- $15.45, and FICA- 23.77. Figure out her net income for 2 paychecks.
$197.43 x 2 = $394.86
What is 1 advantage and 1 disadvantage of a credit card?
Advantages: Useful for emergencies, Buy now, pay later
Disadvantages: Easy to overspend, Interest charged if bill not paid in full
Who described compound interest as,
“The greatest mathematical discovery of all time?”
Albert Einstein
FINAL JEOPARDY!!
Name 5 characters that were in the Shrek story about investing, (double penny)
Human Shrek
Ogre Shrek
Human Fiona
Ogre Fiona
King and Queen
Prince Charming
Lord Farquaad
Rumpelstiltskin