Definitions
Money received on a regular basis from a job. Weekly or Bi weekly.
Income
What is the first step in creating a budget?
Calculate your total monthly income
When creating a budget you need to be ___ when setting a goal (Choose one: Realistic, Unrealistic, or hazardous)
Realistic
Why should you use your NET pay when creating a budget?
Because it is the amount that you actually have to budget with.
Which animated film features a cowboy named Woody?
Toy Story
Money spent on goods and services including bills, groceries, and entertainment.
Expenses
What does it mean to "pay yourself first” in budgeting?
Put money in savings before you pay your bills.
Why is budgeting important?
To help you better manage your money, keep track of spending, save, etc.
When creating a budget which should be met first? Needs or Wants?
Needs.
What planet did Superman originally hail from?
Krypton
Keeping track of how much you earn and how much you spend.
Budgeting
How can you track your expenses to create a budget?
Keep receipts, use budgeting apps, or log expenses in a spreadsheet
What are some examples of things you can use your savings for?
Emergency fund, retirement, investments, short-term goals, and long-term goals
Kylie plans on using the 50/30/20 rule for budgeting. How will she split her budget?
50- Needs
30- Wants
20- Savings
What candy brand encourages people to “taste the rainbow?”
Skittles
Money set aside for future use or emergencies. Opposite of Checking.
Savings
What is the budgeting strategy that divides your budget into three categories(percentages)?
The 50/30/20 budget
Two things you need to consider when budgeting.
Wants and needs
Brandon receives his paycheck, and it says his gross pay is $250 and his net pay is $200. How much money did he have in deductions this pay period?
$50
Which band is known for the album “Dark Side of the Moon”?
Pink Floyd
Budget strategy where you use every dollar of income to pay your bills and debt first
Zero based budgeting
What are the three categories for 50/20/30 method of budgeting? (125 points for each correct category or 500 points for all three.)
50- Bills, 20-Savings, 30- whatever you want
We are never too (Choose one: young or old) to save for retirement
Young.
Justine's part-time job pays her $8 per hour. She works for 10 hours this pay period. How much is her gross pay?
$80
What animal appears on both the Porsche and Ferrari logo?
Horse.