Budgeting Methods
What method prioritizes spending on needs, wants, and savings?
What is the 50/30/20
Where does the U.S spend most of its money?
Social Security
Define the word budget(3 possible responses)
- an estimate of income and expenditures for a set period of time
-a set or finite amount of spending
-a "cheaper" or less expensive version of something
What is a pro of the envelope method?
Money is tangible, prevents impulse purchases, planning ahead requires you to budget better, and allows creativity within your budget
What is the name of the mean financial advisor?
Dave Ramsey
What method is to be based on one's personal interests/hobbies?
What is the value-based method
What are the two types of spending in our government?
What is Discretionary, and non-discretionary spending
Where do we see budgets(4 possible answers)
Personal, households, businesses, and governments
Name one pro of the 50/30/20 method.
Works across all income levels, can adapt to varying levels, easy to use/understand
What is the term for the part of the US Budget that the government has a say/ability to control?
Disrectionary
List all 5 methods
Envelope, 50/30/20, pay yourself first, value-based, zero-based
Which country owns most of the USA's debt?
China
What is one con of the envelope method?
-Putting everything into cash is not the most efficient method in 2026
-Does not allow for emergencies/contingencies unless specifically planned for
-Time-consuming
Name 2 of the pay yourself first method pros
Easy to follow, savings are prioritized, or quickly build up savings
What are my cats names?
Kaya and Oliver
Which two methods are the most time-consuming?
Envelope
Zero-based
Why was there a spending spike in 2019-2020?
Covid Pandemic
What is the name for an emergency fund
What is a rainy day fund
What are the pros of value-based budgeting(Give 2).
-Tailored to you by you
-Can be changed depending on your life circumstances
-Allows you to enjoy your life the way you want
What is federal minimum wage?
$7.25
Which budgeting method is most used by businesses?
Zero Based
What time periods caused a spike in the United States sending?
2001-2004
2019-2021
What language does the word "budget" come from?
French
What is one of the pros of the zero-based methods?(3 possible responses)
Forces a person to re-evaluate their choices each month and explain why they need each expense
Continual evaluation of choices each month means salary increases/decreases are always accounted for
Businesses can use this to find ways to be more efficient
How much is the current US debt?
40 Trillion