Budgeting
This budgeting method requires allocating every dollar of income towards specific categories.
What is zero-sum budgeting?
A fixed-income instrument that represents a loan made by an investor to a borrower.
What is a bond?
This is your income after tax deductions are removed.
What is Net income?
This type of consumer debt allows individuals to borrow money for purchases and pay it back over time, often with high interest.
What is credit card debt?
The number of sectors in the stock market.
What is 11?
This meme-based cryptocurrency was widely popularized on Twitter and endorsed by Elon Musk in 2021.
What is Dogecoin?
Using the 50/30/20 budgeting technique, a monthly gym membership payment would come from this category.
What are wants? (30)
A stock market index of 30 prominent companies listed on stock exchanges in the United States.
What is the Dow Jones?
This type of tax is automatically deducted from your paycheck to fund Social Security and Medicare programs.
What is FICA?
Debt for items that decrease in value but are needed for a larger purpose.
What is neutral debt?
This form is used by employers to report wages paid and taxes withheld for employees, and it must be provided to employees.
What is a w-2?
This notorious gangster, known for leading organized crime during the Prohibition, was ultimately convicted for tax evasion.
Who is Al Capone?
You need to differentiate between these when you are budgeting.
What are wants and needs?
A type of mutual fund or exchange-traded fund that seeks to track the returns of a market index.
What is an index fund?
This is the flat rate tax you would pay FICA from your paycheck as an employee.
What is 7.65%?
This type of debt is when a creditor has the right to an asset of the debtor if they fail to pay back the loan.
What is secured debt?
When a financial manager takes a pool of money from a group of people and invests it in a large collection of stocks or other assets.
What is a mutual fund?
What song has spent the most weeks atop the Billboard 100?
What is "old town road"?
When you begin budgeting, you should track your income for this period of time.
What is 30 days? (one month)
This type of passive investing involves owning shares in a fund that mirrors the performance of a particular index, such as the S&P 500, and trades like a stock on the market.
What is an exchange-traded fund (ETF)?
As a self-employed individual, you will receive these forms that report various types of payments you may receive throughout the year.
What are 1099 forms?
This method involves prioritizing debt repayment starting with the debt with the highest interest rate while making minimum payments on other debts.
What is the debt avalanche method?
The 5 types of taxes you learned about.
What is income tax, sales tax, property tax, corporate tax, and capital gains tax?
The most followed celebrity on Instagram.
Who is Cristiano Ronaldo? (641 million)
The 2nd step to building a budget?
What is finding the sources of your personal data such as bank and credit card statements?
This type of investment fund is typically associated with having the highest fees.
What is a mutual fund?
Name three states with sports franchises that do not collect any jock tax.
What is...
Florida, Nevada, Texas, Washington, and Tennessee are the only states with sports franchises that do not collect the Jock Tax.
The first 2 steps you would perform when using the debt avalanche method.
What is...
1. Make a list of all your debts.
2. Rank the debts from the one with the highest interest rate to the lowest.
This form is used by taxpayers to file their annual income tax returns with the IRS.
What is form 1040?
This U.S. fast food chain is credited with introducing the first drive-through window to the masses.
What is In-N-Out Burger?