Budgeting
Student Loans and Debt
Buying a house
Calculating Gross Pay
100

What is the first step to creating a successful budget?

Note your net income

100

Student loans 

Must be payed back and are almost never forgiven

100

What is a down payment and what does it entail? 

It is a 20% deposit that needs to be put down on a home, the alternative is to get PMI (Private Mortgage Insurance). 

100

What is it called when workers are paid twice per month with 24 pay periods per year?

Semi - monthly pay

200

What is one benefit of having a budget? 

Reveals wasteful spending

Builds good financial habits 

Controls spending

Grows spending 

Reduces stress

200

When borrowing money, the main goal for obtaining an education should be to, 

Improve your future by being able to obtaining a good paying job. 

200
What is the legal document that needs to be signed before moving forward with the rental? 

Rental Agreement. 

200

What is the formula to find your gross pay?

regular wages or salary + overtime = gross pay

300

What is the largest expense in a budget? 

Housing 

300

State and community colleges are:

Much cheaper than private schools. 
300

What is the lifespan of a Mortgage? 

15 years to 30 years

300

What is the difference between an hourly wage and salary?

Hourly is paid based on hours worked, salary is a fixed amount a person gets.

400

An expense that does not change or changes a little from month to month?

Fixed expense 

400

Borrowing money to obtain a certificate, skill, or degree?

Can be a good idea when properly evaluated as an investment. 

400

What are the cost that you or the seller of your home have to agree on paying after everything is all said and done? 

Closing cost. 

400

Calculate the gross pay per month 

Annual Salary: $28,541/ year 

Answer:$2,378.42 

500

What is the minimum amount you should put in savings?

5%

500

You must begin paying back a student loan?

At least 6 months after you graduate?

500

How do you know the price of the home you and your spouse can afford? 

Your Salary+ Your spouses salary X 3 

500

Calculate the gross pay per semi-monthly? 

Annual Salary: $115,265/year  

Answer: $4,802.71 semi monthly 

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