Budgeting
Methods of Payment
Retirement & Interest
Resume and College
Miscellaneous
100
Money you make before taxes are taken out
Gross income
100
What method of payment does not use funds that you have in a bank account?
Credit card
100
What is retirement?
When a person decides to stop working
100
What are three things you might need a resume for?
A job, a college application, a scholarship, a volunteer position, etc.
100
The amount of money you are bringing in
Income
200
Spending that stays the same every month
Fixed expenses
200
What are some advantages/disadvantages of debit cards?
Pros: Easy to get, limited money so you can't overspend, withdraw cash from ATM Cons: ATM fees, spend more than you have in your account, can be fraud
200
What is the simple interest paid on a loan with a principle of $1000, an interest rate of 10% over the course of 1 year?
$100
200
What are three categories you should include in a resume?
Heading, objective, academics, work history, volunteer experience, special awards, special skills
200
The amount of money you are spending
Expenses
300
Provide three examples of variable expenses
Groceries, entertainment, eating at restaurants, clothing, etc.
300
What are some advantages/disadvantages of credit cards?
Pros: Emergency money, earn good credit, credit rewards Cons: Charged interest if entire balance isn't paid at once, high spending limits, high interest rates and fees
300
Explain the difference between simple and compound interest.
Simple interest is a percentage added on to an initial amount of money, compound interest is added on to the initial around and any additional interest gained
300
What are five costs you might need to pay for associated with college?
Tuition, books, supplies, food, fun, transportation, shelter, clothing, etc.
300
What are some ways a person can steal your identity?
Steal your wallet, scam emails, looking on your social media, copy your credit card information, etc.
400
This is the amount of money you have left after all your income and expenses are complete
Cash flow
400
What are four rules for writing a check?
Write in blue/black, only write a check you have the funds for, write as far to the left as possible, don't erase mistakes, don't sign blank checks, destroy used/voided checks, keep track of your check spending, capitalize properly, don't leave spaces
400
What is the equation for compound interest?
A = P(1 - r)^t
400
What is the difference between a grant and a scholarship?
A grant is free money given by the government based on need, a scholarship is free money that is earned through academics, sports, etc.
400
What steps should you take if you realize your debit card is lost?
Look for the card, call your bank, cancel the card, check your transactions, apply for a new card
500
Make a sample budget for college
Answers will vary
500
Fill out the check on the board for a payment to Mr. Grossmann for a loan he gave you of $321.24
Answer on the board
500
What is a pension and a Roth IRA?
Pension: Payments made to an employee after retirement by a company, employees contribute to them during their life. Roth IRA: Account that grows with compound interest. The money is taxed when depositing so the account holder can remove it tax free later in life.
500
What does FAFSA stand for?
Free Application for Federal Student Aid
500
How do you pronounce miscellaneous (haha just kidding). Who plays Alex Trebek on the Saturday Night Live skit Celebrity Jeopardy?
Will Ferrell
M
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