Budgeting
What is a budget?
Answers vary: A way of keeping track of how we spend money.
What is FAFSA?
The form we fill out for financial aid for college.
What is income? What is the main source of income?
Money we take in- your job, birthday money, holiday money.
What is the stock market?
A place to buy and sell stocks.
What is your biggest takeaway from this class / something you learned?
Answers vary
What is the difference between a debit and credit card?
A debit card is your own money- credit is borrowed.
What should I do in high school to stand out for college?
Join clubs, sports, volunteer, high grades.
What is an expense?
Something we spend money on.
When should we buy and when should we sell stocks?
Buy low sell high
What types of purchases should you use a credit card for?
Emergencies, big expenses, online purchases.
What is a credit score and why is it important?
A number based off how well we pay our bills, how dependable we are to return money we borrow.
What is the common application?
A universal application used to apply to different colleges.
What is a fixed expense? Give me two examples.
An expense that stays the same each month. Rent, Utilities, subscription fees.
What is the abbreviation for a company called? Ex: Starbucks = SBUX
Ticker symbol
Why is it 'more expensive to be poor'
Hidden fees, overdraft, have to shop in small doses, answers vary.
What is a 'minimum payment' on a credit card? Why should you pay more?
How can your family support you during the college application process?
Take you on visits, help fill out FAFSA, help edit your essay.
What is an irregular expense? Give an example.
Expenses that occur not too often. Ex: Car maintenance, holiday & birthday gifts.
What are some factors that change the price of a stock?
Politics, new products come out, scandals occur. Answers vary
What is 50/30/20 used for? Breakdown each category
Budgeting technique, 50=wants, 30=needs, 20= savings.
Where you have a bunch of envelopes and you stuff them each paycheck based on their categories.
What does it mean to have generational wealth?
You come from a family that has a lot of money. Ex: Trust funds, family owned businesses etc.
Give me 3 examples of a variable expense each month.
Answers vary: Groceries, electric bill, entertainment, gas.
Why does an individual buy stock in a corporation?
To benefit when the company does well- to receive dividends.
Needs=1000, Wants=600, Savings=400