Dave Ramsey
Budgets don't work for some people, because it reminds them of a ___________?
Straitjacket
If I put down a deposit of $5000 for a brand new car worth $30,000, what is my liability?
$25,000
A forecast of future income and expenses
Budget
Gift tax is not incurred if the gift is under how much?
$15,000
Costs that differ each time and may not be easy to estimate
Variable Costs
On average, how long does it take for you to create a realistic budget?
3 months
What is the accounting equation?
Asset = Liability + Owner's Equity
What are S.M.A.R.T. goals?
Specific, Measurable, Actionable, Realistic, Timely
What is 6.2%?
Social Security Tax
(part of the FICA Tax of 7.65%)
What is the "pay-as-you-go system" called?
Withholding, then you get a W-2 form
Any difference between actual spending and a budgeted amount is called the___________?
Budget Variance
What's another word for Owner's Equity?
Net Worth!
What does the word “tithe” mean in Old English?
1/10 or 10%
This tax is imposed on specific goods, like fuel, tobacco, and alcolhol
Excise Tax
If you want to avoid paying sales and state income tax, you would live here
Alaska
Dave Ramsey said that "Money is ______________". It is moving all the time.
active
What is a report of income and expenses for a period of time?
Cash Flow Statement
When you're making a budget, you should start with your __________?
financial goals
State or local tax on goods & services (not food nor drugs)
Sales Tax
A charge imposed by the government to finance public services
Taxes!!!
Dave Ramsey had a list of 10 things millionaires don't do, list one of them:
Buy brand-new cars
Eat out on a regular basis
Replace what is not broken
Impulse buy
Carry debt
Go to tanning bed
Buy brand-name clothes
Desire instant gratification
Socialize with people who waste money
Spend beyond their means
If my spending is > than my budget, then I have a _____________?
Deficit
What is the most important category in your budget?
Tithing, then your emergency fund!!
What is AGI?
Adjusted Gross Income
He who sows _______________, reaps ____________. He who sows ______________, reaps ______________.
He who sows sparingly, reaps sparingly. He who sows generously, reaps generously.
The tax collector who was too short to see Jesus
Zacchaeus, he had to climb a sycamore tree to see Jesus
Liability is _____________________ ?
Amount owed to others or debt
How much of the federal government's budget is discretionary spending?
30%
What is the standard deduction for 2019 for a Single person, filing taxes?
$12,200
My asset is $17,000, my liability is $3000, what is my Net Worth?
$14,000