Budgeting
These are items of value that you own, including money
What are assets
Your balance is $2,200. You deposit $350. What is your new balance?
$2,200 + $350= $2,550
How long is an average work week?
40 hours
What is a gross wage?
The amount you earn before taxes are deducted
Planning your spending, saving, and borrowing are all aspects of what?
Personal financial planning
A plan for saving and spending your money in ways that best meet your needs and wants
What is a budget
Your bank account balance is $250. You deposit $12.20. You just paid your cell phone and $41.20 was just withdrawn. What is your ending balance?
$221
Math for the answer
$250 + $12.20= $262.20
$262.20-$41.20= $221
What are earnings?
The money you make for working
How many paychecks will you receive in a year if you are paid weekly?
52
Assets that can quickly be converted to cash without significant loss
Liquid assets
Bonus 50 points if you can think of one other than cash within 1 minute without using cell phones
The difference between your assets and liabilities. Also called your income after taxes are taken out of your gross income.
What is your net worth
Your balance is $1,220. You deposit $375. What is your new balance?
$1,220 + $375= $1,595
If you work a 40 hour weekly shift and make $23 an hour, what is your gross income?
40hours x $23= $920
How many paychecks will you receive in a year if you are paid biweekly?
26
What is the legal process called in which a court takes over some of the finances of a person who is unable to pay his or her bills
Bankruptcy
Shows a list of all transactions during a given time period
Bank statement
Bob has $256 in his account. He uses an ATM to withdraw $80 and there is a $2.50 fee for using the ATM. How much does Bob have left in his account?
$256-$82.50= $173.50
If your gross weekly salary without overtime is $1,160 how much per hour do you make?
$1,160 divided by 40 hours= $29
What is a fixed regular payment, typically paid on a weekly basis?
What is a wage or paycheck
The opportunity lost to do something with money when an individual uses that money to do something else
Opportunity cost
What are at least two ways Americans build debt?
Credit cards, student loans, or medical bills are most frequent
Jill has $200 in her account. She buys a new purse for $250. Jill’s bank offers overdraft protection for a fee of $100. How much does Jill have in her account?
$-150
Math for this answer
$200-$-250= $-50
$-50+ $-100 (bank fee)= -$150
What would be your gross earnings per month if you worked 40 hour weeks and made $27 an hour?
$4320
What would be the gross income of someone working 56 hours a week at $12 an hour?
$768
Financial issues that can affect an individual are referred to as?
Personal finance