Net Worth Ninjas
This formula determines your financial wealth.
What is Assets minus Liabilities?
Money used to buy goods and services acts as this function.
What is Medium of Exchange?
This percentage of income should go toward needs.
What is 50%?
Money earned from working a job.
What is Earned (Active) Income?
This is the total amount you earn before taxes or any deductions are taken out.
This is the total amount you earn before taxes or any deductions are taken out.
Cash, property, and equipment you own are called this.
What are Assets?
Prices being listed in dollars shows money acting as this.
What is Unit of Account?
Dining out and entertainment fall into this category.
What are Wants?
Babysitting or working at Starbucks would fall under this income type
What is Earned Income?
You work 32 hours at $15 per hour. Calculate your gross pay.
What is $480?
Money you owe, like loans or credit cards
What are Liabilities?
Saving money for future use demonstrates this function.
What is Store of Value?
The 20% category is mainly for these two purposes.
What are Savings and Debt repayment?
Dividends or rental income are examples of this.
What is Unearned (Passive) Income?
Your gross pay is $750. Taxes and deductions total $125. This is your take-home pay.
What is $625?
You own $18,000 in assets and owe $25,000. Your net worth is this.
What is –$7,000 (negative $7,000)?
Rent and streaming services are examples of this type of expense.
What are Fixed Expenses?
If your income is $4,000, your “wants” budget is this amount
What is $1,200?
Income that continues without trading time for money.
What is Passive Income?
You work 40 regular hours at $18/hour and 6 overtime hours at time-and-a-half. What is your gross pay?
What is $891?
A business owner has $250,000 property + $15,000 cash + $45,000 equipment and owes $192,000 total. Net worth equals this.
What is $118,000?
A sudden $2,000 car repair that ruins your budget is called this.
What is a Whammy Expense?
Treating savings like a bill you pay first is called this principle.
What is Pay Yourself First?
Receiving $150 monthly from a mutual fund would be classified as this.
What is Unearned Income?
Your gross pay is $750. Taxes and deductions total $125. This is your take-home pay.
What is $625