Budgeting Basics
A plan for managing your money
What is a budget
Costs that stay the same each month
Fixed Expenses
Money you earn is called this
What a lender earns for allowing a borrower to use their money
What is "Interest"?
The Greatest Athlete to ever walk the earth.
Who is Tom Brady?
When you save money before spending for larger goals it is called this
Pay yourself First
Costs that change depending on usage or situation
Variable expenses
Money you spend is called this
What are expenses?
Interest calculated only on the original amount borrowed or saved.
What is "Simple interest"?
This Gas Makes up 78% of the Earths atmosphere
What is Nitrogen?
When your budget shows more money left over than spent, its called:
What is a surplus
Non-essential costs , such as going to the movies?
What are discretionary expenses?
The economic term for when your income is greater than your expenses
Interest that is calculated on both the original amount and any interest already earned?
What is "Compound Interest"?
The First Woman Inducted into the Rock N' Roll Hall of Fame
*AUDIO ASSISTANCE!!*
Who is Aretha Franklin ?
When your budget shows you spend more than your earned its called:
What is a deficit?
If you earn $250 a week This is 6.25% of your monthly Gross income
What is "$62.50"?
The economic term for when your expenses are greater than your income
What is a deficit?
The Original amount of Money Borrowed or Invested
DAILY DOUBLE***
What is the Principal ?
The Amount of Presidents that Have died on July 4th
Bonus 100 If you can name them.
Bonus 100 each if you can tell me the years
Thomas Jefferson (3rd) (1826)
John Adams (2nd) (1826)
James Monroe (5th) (1831)
In what order do your prioritize your expenses in your budget
1.(PYF) 1(a). Fixed Expenses 2. Variable expenses 3. discretionary expenses
Grocery spending is most often this type of expense
What is a variable expense?
Saving part of your income before paying bills is called this strategy
What is "Pay yourself First"?
What is Compound Interest?
The element associated with the Chemical Symbol "W" on the periodic Table
Bonus 100 If you Can tell me the Atomic Number
Tungsten
Atomic Number #74