Budgeting Basics
The money you earn
What is income?
An accumulation of borrowed money that must be paid back
What is debt?
What is a loan? (Also acceptable)
A gift aid grant or payment made to support a student's education
What is a scholarship?
Pay before taxes are taken out
What is gross pay?
A document of work experience, skills, and education for job interviews
What is a resume?
A budgeting method that involves dividing your income into three categories: 50% for needs, 30% for wants, and 20% for savings or debt
What is a percentage-based (or 50/30/20) budget?
A card linked to a bank or company that lets you pay for things with borrow money
The name of the scholarship exclusive to colleges in Western U.S. states
Note: Spell out the acronym
What is the Western Undergraduate Exchange Program?
Pay after taxes are taken out
What is net pay?
The meeting between you and a potential employer
What is an interview?
A plan for how you will spend and save your money
What is a budget?
A card linked to your checking account
What is a debit card?
Funding designed to help students pay for postsecondary educational expenses, including tuition, fees, room and board, books, and supplies
What is financial aid?
The tax rate (%) for social security
What is 6.2%?
Skills such as problem solving, conflict management, communication, teamwork, and awareness
What are soft skills?
Money you spend on things like food, rent, or entertainment
What are expenses?
Extra fee you must pay for borrowing money
What is interest?
The three types/categories of financial aid in college
What are scholarships, loans, and work study?
The tax rate (%) for Medicare
What is 1.45%?
Skills such as IT technology, computers, language fluency, mechanics, graphic design, and video production
What are hard skills?
A financial strategy that aligns spending and saving with your personal values, focusing on intentionality and fulfillment rather than just limiting expenses
What is a values-based budget?
The financial strategy that Dave Ramsey mentioned in the video talking about tackling and paying down debt
What is the "Debt Snowball"?
What the FAFSA stands for
What is Free Application for Federal Student Aid?
The name of the website we used to look at all the various jobs
What is the Occupational Outlook Handbook? (U.S. Bureau of Labor Statistics also acceptable)
Put these in order of seniority:
- Bachelor's degree
- High school
- PhD/Doctorate
- Master's degree
What is:
1) High school
2) Bachelor's
3) Master's
4) PhD/Doctorate