Terms 1
money for work, as a gift or through investments
income
The best way to budget is....
The way that works for you
Which of the following is NOT a component of a budget?
Credit Score
Saving
Giving
Income
Credit Score
What makes a budget a zero-based budget?
When income minus expenses (giving, saving, spending) equals ZERO
Although the majority of Americans think budgeting is important, about_______ of Americans actually use a budget.
75%
23%
35%
50%
35%
Congratulations!
You Lost 100 pts.
expense for things you don't need
Discretionary Spending
The primary reason people do not budget is because they lack.....
behavior and ability to stick to a budget
What kind of money counts as income
all the money you have coming in, this could be money from a job, gifts, commission, etc.
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.
______ percent of Americans feel stress and anxiety about the amount of they have personal debt
80%
46%
92%
33%
46%
Nice Work
Here is a reward for your hardwork
200 pts.
Cash flow plan that assigns an expense to every dollar of your income
Zero Based Budget
Commission is when you make money based on...
a percentage of total sales
How many categories should be in the budget?
No Limit, use as many as you need to keep your budget accurate.
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.
___ % of couples in great marriages say they discuss their finances together
94%
99%
93%
96%
94%
You got the power!
300 pts.
You may chose 1 team to give these points to
The amount of money you earn before taxes and other payroll deductions
Gross Income
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.
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.
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?
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
WOOHOO!!!!!!
400pts.
YOU LOSE!!!!
you miss your next turn, and the next team gets these points
a record that summarizes all of the income and outgo over a certain period of time
Cash Flow Statement
A Common misconception is that budgeting will keep you from having fun, when in reality...
It gives you permission to spend
Net Income is ________
The amount you get paid after taxes, which is the amount you should list for your income on your budget
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
_____ percent of Americans will actually stick to their budget
84%
93%
74%
88%
93%
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