Budgeting
What is a budget?
A budget is a plan that peoeple follow to make sure they do not spend more than they earn. It helps you save money.
Explain how a credit card is different than a debit card.
A credit card is different than a debit card because with a credit card, you are borrowing money from the bank and need to pay it back at the end of your billing cycle. It is not free money!
True or False: Even teenagers pay income tax. Explain.
True. Anyone who makes $16,129 or more has to pay tax on their earnings. This can include teenagers!
What is financial literacy?
Being knowledgable and understanding financial topics.
What is the name of our mascot?
What is a need and what is a want? Give an example of both.
A need is something you require to survive like food, shelter, and water. A want is something you desire like a new video game or pair of Uggs.
What are 2 factors that can affect someone's credit score?
Paying bills on time and in full, not using too much credit, having a mix of different loans, how long you've had credit for.
What is income tax?
Money that we pay to the government that goes towards different services.
What is a loan? Give an example of a loan.
A loan is money that is lent to you from the bank or another organization. It could be a mortgage (help pay for a house), a student loan, car loan or more.
About how many students do we have at J.L.? Get it within 250 students.
We have about 1100 students here at JL!
Give an example of a short term, mid term, and long term financial goal.
Short term: save $100 to buy sister birthday gift in a few months
Mid term: save $500 to use as spending money on family vacation.
Long term: save $5000 to put towards college or university.
What are 2 pros and 2 cons to using a credit card.
Pros: convienent, builds credit, help with big purchases, rewards
Cons: interest rates, can build up debt, can be irresponsible
What are some services that our taxes pay for?
Education, healthcare, infrastructure (roads, highways, parks, etc.)
What is interest?
What does J.L.I. stand for?
James Lormier Ilsley
What is an emergency fund and why is it important?
An emergency fund is back up money you have saved up in case there is an emergency. You should have at least 3 months worth of living expenses saved up in case you lose your job, your car breaks down, or any other issue. It is important because you need to be prepared in case something happens to you so you aren't left scrambiling and wondering how you will pay your bills.
Give an example of a responsible and irresponsible way to use a credit card.
Responsible: help pay for groceries or emergency and then pay back
Irresponsible: buy a PS5 and 3 games that you can't afford
How do you "do" your taxes?
Every year around this time, you recieve a slip in the mail. You then plug the numbers from your slip into a tax software, have an accountant do it, or mail it back to the government. You might get a refeund or you might owe more money.
What is absolute poverty and relative poverty?
Absolute poverty is when someone does not have enough money for essentials like food, water, and shelter. Relative poverty is when someone has money for the essentials but still struggles to get by. They can only afford the basics.
What is our address?
138 Sylvia Avenue
Think back to when we played Make the Month...what were some examples of decisions you had to make?
Answers will vary:
-Buying new hockey stick or fixing tooth pain
-Making family happy by going to the movies or doing an activity or paying bills
-Making the month financially or having poor mental health
What is a credit score? How can it affect your financial future?
A credit score is a number between 300-900 that is attached to your identity. It is basically a report card on how likely you are to pay back money that you borrow and how responsible you are with your finances. It can affect your ability to get a loan or mortgage in the future.
What is a tariff?
What is our motto?
Justice and wisdom through time.