Budget
What is a Budget?
A record of income and spending to help manage money
Net monthly income
What does AVID stand for?
Advancement Via Individual Determination
what is the difference between an introvert and an extrovert
introvert = relax alone
extrovert = relax with people
Define Ability
a skill that you have that was taught or can be refined
What is the difference between a want and a need?
A want is a financial purchase that helps you survive or function a need is something you can live without; something that doesn't sustain you.
What is the difference between GAI and NAI?
Gross annual income - income before taxes
Net annual income - income after taxes
What type of notes organize things professionally?
Cornell Notes
what are the 5 conflict management styles?
Accommodating, Avoiding, Collaborating, Competing, Compromising
Define aptitude
a skill that comes naturally without training
In what category does a typical family budget usually spend most of their money?
Housing
true or false: I only have to worry about income tax when budgeting
False:
income tax, state tax, federal tax, social security, medicare tax, sales tax
What is the difference between a growth and a fixed mindset?
growth = I'm willing to make mistakes learn and grow
Fixed = Not willing to grow and change. afraid of mistakes
What is the difference between someone classified as a thinker vs. a feeler on the myers briggs?
thinkers = process conflict and feelings logically
feelers = process conflict and feelings through emotion
define expenditures
Money spent on goods, services, or bills (needs)
Mrs. Olivas was waiting in line at HEB when spotted a vitamin water. She grabbed one for the road and added it to her cart. The drink is an example of ....
An impulse buy
What is Medicare and social security?
federal medical insurance tax
social security federal retirement tax
During tutorials what are the two reasons the audience member ask questions?
1. to clarify the persons AOC
2. To help guide their peer to find the answer/understand their AOC
What type of conflict management style is considered the most effective?
collaborating
Define Discretionary income
extra income to spend on unnecessary/extra things
What is an opportunity cost? Give me an example.
you "miss" or "skip" an opportunity so that you can make a different financial choice.
ex. Not purchase the new phone in order to save for a car
13x30 = $390 per week
390x5 = $1,950
Why is the inquiry process (TRF forms) important for the real world?
Helps you identify where specifically you got confused and where specifically you need direction and help.
What is the difference between someone classified as an assertive personality vs. a turbulent personality?
assertive = confident in choices, very independent
turbulent = often unsure of your choices, dependent on others
What is the difference between a value and an interest and how does that affect what job you choose?
interest = field that seems interesting to you or focus that interests you
value = core belief that impacts who you work for or what your schedule/needs will be