Terms 1
Finish The Sentence
Budgeting
Long Answer
Statistics
Risk
100

money for work, as a gift or through investments

income

100

The best way to budget is....

The way that works for you

100

Which of the following is NOT a component of a budget?

Credit Score

Saving 

Giving 

Income

Credit Score

100

What makes a budget a zero-based budget?


When income minus expenses (giving, saving, spending) equals ZERO 

100

Although the majority of Americans think budgeting is important, about_______ of Americans actually use a budget.


75%

23%

35%

50%

35%

100

Congratulations!

You Lost 100 pts. 

200

expense for things you don't need

Discretionary Spending

200

The primary reason people do not budget is because they lack.....

behavior and ability to stick to a budget

200

What kind of money counts as income

all the money you have coming in, this could be money from a job, gifts, commission, etc. 

200

List the Four Walls. What priority are those in your budget?


Four walls: Transportation, Food, Shelter, Utilities.

In a budget this should come after Giving & Saving Categories, but before anything else in the budget or expenses. 

200

______ percent of Americans feel stress and anxiety about the amount of they have personal debt

80%

46%

92%

33%

46%

200

Nice Work

Here is a reward for your hardwork

200 pts. 

300

Cash flow plan that assigns an expense to every dollar of your income

Zero Based Budget

300

Commission is when you make money based on... 

a percentage of total sales

300

How many categories should be in the budget? 

No Limit, use as many as you need to keep your budget accurate. 


300

Describe irregular income and give examples.


This is an irregular income that is different from month to month. This could be like commission based jobs, seasonal jobs, side hustle, Christmas money, birthday money, allowance, etc. 

300

___ % of couples in great marriages say they discuss their finances together

94%

99%

93%

96%

94%

300

You got the power!

300 pts. 

You may chose 1 team to give these points to


400

The amount of money you earn before taxes and other payroll deductions

Gross Income

400

When is the right time to start creating and living by a budget?


RIGHT NOW!!!! 

Its never to early and you don't need a certain amount of income. 

400

How Often should you create a budget? 

At least monthly. 

If you are even more accurate, weekly can work but not as effective for most people. 

400

What's an example of an unexpected expense that may occur? How would you adjust your budget to ensure that you don't overspend that month?


an unexpected expense that could occur would be spending more money on groceries than budgeted for. A way to fix that would be going into the budget checking other categories, and moving money from restaurants to groceries category since I spent more on food, so I can cook at home. Budget still needs to equal 0 even if budget is adjusted
400

More than ______ Americans are self employees and/or work on commission. They all deal with irregular income. Which makes budgeting a necessity


12 million 

8 million 

15 million 

10 million

15 million

400

WOOHOO!!!!!!

400pts.

YOU LOSE!!!! 

you miss your next turn, and the next team gets these points

500

a record that summarizes all of the income and outgo over a certain period of time

Cash Flow Statement

500

A Common misconception is that budgeting will keep you from having fun, when in reality... 

It gives you permission to spend

500

Net Income is ________

The amount you get paid after taxes, which is the amount you should list for your income on your budget

500

Explain cash-flow statements. How do they work and what specifically do they show you? Give examples of how a cash flow statement will help you adjust your budget for the following month.


The goal of cash flow statements is to see where you money actually went. If I saw that I spent the majority of my money at fast food restaurants then I would be able to focus that I need to cut back on that category. I would then need to redo my budget to make sure my money has a place to go other than fast food

500

_____ percent of Americans will actually stick to their budget


84%

93%

74%

88%

93%

500

REWARD!!!

500pts.

Jk lol, 

You do get to steal a player from any team of your choosing. 

They do get to have the 500 pts in exchange

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