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Expenses that are essential for you to be able to live and function
Needs
Expenses that help you live more comfortably
The amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare; often used when comparing how expensive it is to live in one city versus another
Cost of Living
A budgeting method where money for monthly spending is taken out in cash and placed in labeled envelopes according to budget categories. Spending occurs only from the corresponding envelopes.
Cash Envelope Budget
Who invented the telephone?
Alexander Graham Bell
A plan of your expected income and how you will use it to meet your expected expenses over a period of time
Budget
A budgeting method that allocates 50% to needs, 30% to wants, and 20% to savings and debt repayment
50/30/20
The lowest income necessary for a worker to meet their basic needs
Living Wage
_______________ can change month to month but _______________ costs that amount every month
Variable, Fixed
Which ocean is the largest on Earth?
A cost that appears irregularly or that changes in amount (e.g., utility bills)
Variable Expense
The basic services your home, apartment, or business needs to keep it comfortable and functioning properly (e.g. water, electricity, etc.)
Utilities
Total earnings before any deductions are taken
Gross Pay
Variable expenses tend to be harder to plan for than fixed expenses
Name Disney’s first film?
Snow White
A budgeting method where every anticipated earning is assigned a role to be spent, saved, or invested somewhere, so there's no "leftover" money with no purpose
Zero-Based Budget
Total earnings after payroll taxes and other deductions have been taken out; also called take-home pay
Net Pay
A strategy where you save a specified amount of your paycheck before doing anything with the rest of your money
Pay Yourself First
True or False: Housing is the biggest expense for most American households
True
Nearly all fossils are preserved in what type of rock?
Sedimentary
The cost for one item or measurement that allows it to be easily compared to other similar products to evaluate which is a better deal
Unit Price
Surplus: Having more than you need or some left over
Deficit: Not having enough
When comparing bags of chips, which pack offers the best unit cost?
A. 3 packs at $6
B. 1 box at $1.60
C. 4-pack at $8
1 box at $1.60
How do grocery stores potentially trick consumers into spending more?
-Placing high priced items at eye level
-bigger carts
Who voices Groot in "Guardians of the Galaxy"?
Vin Diesel