Types of Expenses
An expense that remain the same each billing cycle
What is a fixed expense
This strategy has you put your money into savings FIRST
What is the pay yourself first strategy
Thomas made $400 this month and is putting 50% towards his needs, how much money is that?
What is $200
Money set aside for future use
What are savings
A document that tells how much money I made in a pay period and how much was deducted
What is a pay stub
An expense that may change each month based on activity
What is a variable expense
This strategy makes sure every dollar is accounted for and no money is left over
What is zero-based budgeting
Marissa made $1,000 this month and want to put 20% into her savings. How much money is that?
What is $200
Food, water, and shelter fall into this category
What are needs
The amount of money I earn BEFORE deductions
What is gross pay
An expense that is unexpected, necessary, and can be expensive
What is Emergency Expenses
In the 50/30/20 strategy, 50% of your money goes towards this
What are needs
PJ made $1,500 dollars this month and wants to put 30% towards his wants, how much money is that?
What is $450
The document you sign when you are renting a home/apartment
What is a lease
The amount of money I earn AFTER deductions
What is net pay
A flexible expenses that we don’t necessarily need
What is a want/discretionary expense
In the 50/30/20 strategy, what does 30% of my funds go towards
What are wants?
Josh made $3,200 this month and wants to put 50% towards his needs, how much money is that?
What is $1,600
The cost per single unit of a product —such as per ounce, pound, or liter—rather than the total package price
What is the unit price
The form I need to fill out to file my taxes and return by April 15th
What is a W-2
An expense that is predictable and occurs repeatedly
What is a recurring expense
In the 50/30/20 method, where do 20% of my funds go?
What are savings
Mari made $4,220 this month and wants to put 30% towards her needs, how much money would that be?
What is $1,266
What is Ms. DeRosa's favorite color
What is green
The type of number that Pi is
What is irrational