Intro to Budgeting
This is a plan for managing your money by monitoring your income and tracking your expenses, which is reviewed and adjusted regularly.
What is a Budget
This budgeting type divides your take-home income into three spending categories- needs, wants, and savings/debt payments.
What is the 50/30/20 Budget
Half of Gen Z begins their product searches on these social media sites.
What is TikTok or Instagram?
This type of bias involves using trusted authority figures to entice consumers to use or purchase a certain good/service.
What is authority bias?
This is information used to distinguish an individual’s identity, either alone or when combined with other information. This includes things like a driver's license number, passport number, or Social Security number.
What is Personally Identifiable Information (PII)?
Budgeting helps you work toward long-term goals. What is an example of a long-term goal?
What is a retirement account, college account, or building you inheritance?
In this type of budget, every dollar of your income is assigned to a specific expense, leaving you with a balance of $0.
What is a Zero-based Budget?
While shopping online, Marcus sees a product with hundreds of five-star reviews, but many of them use nearly identical wording, were all posted on the same day, and don’t include specific details about the product.
What is a fake or suspicious review?
This is a psychological principle that people are more likely to want something if they think they can’t have it. Businesses may include a quantity left in stock or a countdown leading up to the offer closing.
What is scarcity?
A scam where attackers try to trick people into giving personal information by pretending to be a trustworthy source. For this, you won't need bait or a hook.
What is phishing?
These are regular, predictable costs that remain constant each month?
What are fixed expenses?
Jonah has a budget, which he reviews and updates monthly. Before he budgets, he overestimates his expenses which leaves him with ____ at the end of every month?
What is a cash surplus?
James is worried about safety when purchasing goods online. Which paryment method should he use?
What is a credit card?
The idea that people are more likely to take action when they receive something in return. Places that offer free samples like Trader Joes or Costco employ this.
What is reciprocity?
After receiving a phone call from someone claiming to be from your bank demanding immediate action, what should be your first step?
Hang up and contact your bank directly using the official phone number.
These expenses fluctuate from month to month.
What are variable expenses?
After getting paid, Lisa divides her cash into labeled envelopes like “groceries,” “gas,” and “entertainment.” Once the money in an envelope is gone, she stops spending in that category for the month.
What is an envelope budget?
In 2025, TikTok Shop experienced a $15.82 billion increase in revenue. What is attributed to this rapid growth?
What is a seamless purchasing experience?
Many apps, like streaming services, will offer a free trial or a small sign-up fee to get users hooked. These free services or reduced rates are designed to get users hooked and commit to longer, more expensive commitments. This is technique is also called the ______>
What is the “Foot in the door technique”
This fraudulent scheme involves spreading false or misleading information to create a surge in investor demand, artificially “pumping” up a stock’s price before selling shares at the inflated value. This practice was prominently depicted in this 2013 film from Martin Scorsese.
What is the Wolf of Wall Street>
After reviewing her paycheck, Maria notices that her gross earnings were $1,200 for the week, but after federal taxes, state taxes, Social Security, and health insurance deductions, she only takes home $925.
What is net (take-home) pay?
Named by economists, this is the idea that small, seemingly insignificant daily expenses add up over time.
What is the "Latte Factor?"
Budget airlines like Spirit and Avelo offer lower base fares, with flights as low as $29 one way, compared to their competitors. How do you think they make their money?
What are hidden/extra fees?
This dark practice allows you to get into a situation very easily, but it is very difficult or time-consuming to get out.
What is a roach motel?
In this type of identity theft, someone, who may have been disqualified for work in some way, steals your Social Security number and other personally identifiable information to apply for a job in your name. As a result, you may be required to pay taxes on labor you did not work.
What is employee identity theft?