Vocabulary
This is money you receive from working a job, owning a business, or other sources.
What is income
Chelly receives a paycheck and immediately moves a set amount into his savings account before paying for entertainment, shopping, or other wants. Which budgeting method is Chelly using?
What is Pay Yourself First?
You see a $100 jacket marked down to $40. You weren't planning to buy it. What type of purchase could this become?
What is impulse purchase/ impulse buying
Needs — Wants — Expenses — Income
What is Income?
$19.99 toothpaste with not enough ingredients over $2.00 toothpaste with the right ingredients
What is Want?
How quickly and easily you can access money?
What is Liquidity?
Jesus wants to budget using physical cash. What kind of budgeting could he use?
What is envelope budgeting?
Tiana has $1,000 in savings, but she keeps it untouched in case her car breaks down, she has an unexpected medical bill, or she suddenly loses income. What is this money set aside for unexpected expenses called?
What is emergency fund?
Salary — Wages — Tips — Budget
What is Budget?
Buying a $60 steak dinner every friday
What is a want?
Jah'Myia needs to pay rent, buy groceries, and get to work, but you also want new clothes and to get her nails done. The things necessary for basic living are called this.
What are needs?
Using the 50/30/20 rule, how much do you allocate to your wants?
What is 30%
DeAnthony, Journey and A'miaya picked up 3 shifts at Popeyes this week. They saved their money for the week so they can purchase the new Oreo Jordan 4's that come out this Saturday. What type of goal is this?
What is short-term goal?
Envelope Budgeting — Credit Card Saving -- Zero-Based Budgeting — Pay Yourself First
What is credit card saving?
Wearing deodorant?
What is a need?
Marissa receives $1,500 each month. Before spending money on entertainment or shopping, she creates a plan for her income, bills, savings, and other spending. This financial tool is being used.
What is a budget?
Tim earns $2,000 per month. He assigns every dollar of his income to a specific purpose. At the end he has $0 unassigned. What type of budgeting did Tim use?
What is Zero-Based Budgeting?
Aaron wants to be a purchase a AMG GLE red eye when he turns 21. Aaron currently 17, what type of goal is this?
What is medium-term goal?
Liquidity —Impulse Purchase -- Financial Literacy — Budget
What is Impulse Purchase?
Buying $400 shoes when you have 10 pair already.
Want
Dericka earns enough money to pay their bills but repeatedly makes poor spending decisions because she doesn't understand how budgeting, saving, and financial goals work. The ability to understand and make informed decisions about money that this person is lacking is called this.
What is financial literacy?
Trinity earns $2,400 a month. Using the 50/30/20 rule, how much should she allocate to her savings?
*you may use a calculator and get 5 extra seconds*
What is $480?
You want to save $2,400 in one year. Without considering interest, how much would you need to save each month?
What is $200
$50 supreme socks -- shirt -- pants -- underwear -- shoes
What is $50 supreme socks
Paying your Tech Fee at Freedom Prep High School?
Need