Needs vs. Wants
Is food a need or a want?
Need
What form shows how much you earned this pay period?
Pay stub
What is a budget?
A plan for managing money or a "spending plan"
What is the money you earn from working?
Income
Is a phone a need or want?
Want
What is gross pay?
Pay before taxes and deductions
What is the 50/30/20 rule used for?
Needs/Wants/Savings or Budgeting income
What do we call money you owe to someone else?
Debt
What’s the difference between a need and a want?
Need = essential or needed to survive
Want = not necessary
Give me an example of an 1099 employee?
Uber Driver
Door Dash
Why is saving important?
For emergencies and future needs or "Rainy Day Funds"
What is the term for a written order to pay a specific amount of money?
Check
Is gas for your car a "true" need according to previous conversations?
No
What is a non-voluntary paycheck deduction?
Child Support
Taxes
What’s the difference between short-term and long-term goals?
The time you have to achieve them.
What is interest?
The cost of borrowing money
This term describes goods or services that improve quality of life but are not necessary for survival.
Wants
What is a Voluntary deduction?
Healthcare
Why should you budget every month?
To ensure you don't spend more than you make.
What is net income?
Income after taxes and deductions or "Take Home Pay"