Budgeting
What is budgeting?
A budget is a plan for how you will spend and save your money. It helps you manage your income, track your expenses, and make sure you're saving for the future
What is a deposit slip?
a paper form that allows customers to deposit cash or checks into their bank account. It's also known as a deposit ticket.
What is a birth certificate?
a document that records the birth of a person
What is a paystub?
A document that details an employee's earnings and deductions for a specific pay period.
When filling out legal documents what do you use for your writing utensil?
black or blue pen
What is income?
The money you receive, such as a paycheck, allowance, or earnings from a job.
What is the memo on a check for?
The memo is a place to write down what the check is for.
True or False:You need the parents' (mom and dad) birth place to fill out the newborn's birth certificate?
True
What is the difference between biweekly paychecks and bimonthly paychecks?
Biweekly pay is every other week, while bimonthly pay is twice a month
a unique nine-digit number that identifies U.S. citizens, permanent residents, and eligible nonimmigrants
What is the difference between a fixed expense and variable expense?
A fixed Expenses is an expenses that stay the same each month (e.g., rent, phone bill). While a variable expense is an expense that can change month-to-month.
True or False: Do you write out all the numbers on a check?
False - you only write the dollar amount on the line below the amount.
Whose name and signature do you need on the newborn's birth certificate to finalize it?
You need the doctor's name and the doctor's signature.
What is gross income?
The total income from all sources, including returns, discounts, and allowances, before deducting any expenses or taxes.
What is the difference between a utility and amenity?
"Amenities" refer to additional features or perks that enhance a property's comfort and convenience, like a swimming pool or gym, while "utilities" are essential services necessary for basic living, such as electricity, water, gas, and sewage.
What are four examples of the six reasons on why budgeting is important?
Financial Responsibility
Building Financial Awareness
Goal Setting & Planning
Avoiding Debt
What is in the bottom right corner of a check?
Person who is writing the check signature
Name something that you would need a birth certificate for?
Verify Identity
Driver's License
Enroll in School
Apply for Passport
Year to Date - the total amount of an employee's earnings, taxes, and deductions from the start of the calendar year to the current date
Why is budgeting important?
Budgeting is an essential life skill that empowers individuals to manage their finances effectively.
What are three examples of a fixed expense?
Rent
Phone Bill
Car Payments
True - you do a grand total on the bottom
What happens if you lose your birth certificate?
You can request a certified copy from the vital records office in the state where you were born.
Is your gross pay or net pay going to be higher and why?
Gross because it is before taxes; net pay is after taxes and deductions therefore less.
When do you receive your car title?
two to six weeks after paying off your car loan