Budgeting
What is the difference between gross pay and net pay?
What is an example of person to person payments?
zelle, cashapp, venmo, apple pay, etc.
What is a W-2 form?
the form given by your job stating your income and wages for tax purposes
What is an example of a type of loan you can get?
mortgage, auto loan, student loan, small business loans, personal loans, etc.
Identify the simplified ratio that can be used to say there are 14 students for every 4 teachers in the building
7:2
Name two things that would NOT be considered a necessary purchase when trying to work out a budget
Answers vary: nails, hair services, newest versions of things, designer clothes, fancy dinners, etc.
What is an overdraft fee?
What is the standard deduction? (number)
$15,750
What is an interest rate
A percentages that lenders charge on top of the borrowed amount that must also be paid back as a fee for borrowing money.
I went to the store and got a 12 oz bag of candy for $6.19. How much is the bag of candy per ounce?
$0.52 per ounce
What is a cash envelope budget?
budgeting system where you put cash into specific categorized envelopes to only spend within their designated category
What makes a credit card different from a debit card?
debit card comes from your bank account while credit is borrowed money that you pay back later
What is the tax deadline every year?
What is the extension deadline?
April 15
October 15
Why is it best to pay your credit card bill in full each billing period?
to avoid interest rates and keep out of debt
If my bill is $14.52 after tax and I tip 18%, how much will I pay in total for my bill?
$17.13
Is a $20 bill enough to pay for my meal if I order $22.85 worth of food with a 25% off coupon?
Yes
What is the difference between a checking and savings account
checking is for daily spending while savings is for storing money
What is the form that you use to file your taxes during tax season?
1040 form
If I spent $1,395 on my credit card this month, what would my actual balance be on my credit card statement if my interest rate is 12.76%?
$1,573
What is the probability that I pick an even number out of a deck of cards?
5/13
If I make $4,302 per month and I want to budget 30% of that for savings, how much should I put into savings?
$1,290.60
Should I apply for a new credit card if I have 2 credit cards that are at 88% usage, but I want to go shopping for a new outfit for a concert I am going to? Why or why not?
No. Credit card debt is the most common type of debt and if you cannot may your credit card bills, you should not open another just for more borrowed money.
What is NOT necessary information to include on your 1040 form when filing your taxes?
Answer may vary: number of pets you have, healthcare benefits, scholarship money, your child's income, etc.
Why might a loan not be considered "worth it" in the end?
Savannah went to the grocery store with only $40 for her groceries. If she buys a $6.97 frozen pizza, $4.32 gallon of milk, $15.36 worth of chicken, and $8.74 worth of other food, will she have enough money to pay for all of the groceries PLUS the 8% sales tax added to the end? How much is her bill in total?
Yes, she has enough.
The bill is $38.22 in total