Spending Plans
This is an income and expense statement sometimes referred to as a budget which records both planned and actual income/ expenses over a period of time.
Spending Plan
What is one difference between a bank and a credit union?
Fees, number of locations, members only etc...
What year did the War of 1812 start?
1812
True or False...
Credit Unions have members that share a common bond.
True
These expenses require you to pay for a specific amount of time and are not easy to reduce or cancel. Examples; phone bill, rent, etc.
Contractual (fixed) expense
Which two teams are in the world series right now?
LA Dodgers and Toronto Blue Jays
Today
What does "Pay Yourself First" mean
An individual should set aside a predetermined amount of money for savings before using any of that money for spending
If expenses were to exceed income on a spending plan, what would be a financially smart solution?
a. decrease expenses
b. earn less money
c. use your credit card more
d.
How much insurance does FDIC provide?
$250,000
True or False: Money from your paycheck goes onto the Statement of Financial Position
False
What is the price paid for using someone else's money? Can be earned or charged (bearing)
Interest
How many fingers does mickey mouse have on each hand?
4
What 5 services offered by depository institutions did we discuss?
Transactions/ Saving Tools
Credit
Financial Advice
Safe-Deposit Box
Special Needs payment instruments
Maggie earns $62,000 per year and has a net worth of $20,000. Samantha earns $96,000 and has a net worth of $15,000. Who is wealthier?
Maggie
When completing a check register, which would NOT be recorded?
D
What is the last step in a spending plan?
a. track expenses
b. evaluate and make changes
c. implement and control
B
What is "cynophopia"?
Fear of Dogs
Net Worth Formula is
Assets-Liabilities=net worth
What month has the most common birthday
September