Budgeting
What are the categories associated with each % of the 50-20-30 rule?
50% = ?
20% = ?
30% = ?
50% = Living Expenses
20% = Financial Goals
30% = Flexible Spending
The naming of a cell comes from the intersection of the ____________ and ________
Column and Row
A person who pays their credit card bill in full and on time every month is known as a
Deadbeat
True or False: Moving into a higher tax bracket means all income is taxed at that rate
False
Which type of income do we budget with?
Net Income
Which type of bank account is typically known as a transactional account?
Checking Account
What happens if you only make the minimum payment on your credit card?
Which IRS form is used by most individual taxpayers to file their annual federal income tax return?
1040
Which of the following would be categorized under the flexible spending portion of the 50-20-30 rule?
a. Mortgage payment
b. Entertainment subscriptions
c. Retirement savings
d. Emergency fund contributions
B. Entertainment Subscriptions
A1 = Groves
B1 = Falcons
C1 = ?
What would be the result in cell C1 if we used the Concat formula?
=CONCAT(A1, " - ", B1)
Groves - Falcons
Sarah needs quick access to $200 cash to cover urgent expenses in the next week. Which type of loan is Sarah most likely to utilize?
Payday Loan
Which type of income is primarily used when determining how much tax an individual must pay?
Taxable Income
Car
Stock Purchase
Disney on Ice Tickets
Car = Living Expense
Stock Purchase = Financial Goal
Disney on Ice Tickets = Flexible Spending
What is the primary purpose of the "pay yourself first" strategy?
To save before spending
What usually happens if a borrower cannot repay their payday loan by the due date?
The borrower renews the loan for another fee
Tax Brackets, such as the U.S. Federal Income Tax structure, are most associated with which type of tax system?
Progressive Tax System
Someone with a net income of $10,000 saves $4,000
Is this acceptable in the 50-20-30 rule?
a. Yes, it is recommended to save AT LEAST 20%... more is good!
b. No, you cannot save more than 20% because other categories need to be accounted for
Yes, it is recommended to save AT LEAST 20%... more is good!
When building an emergency fund, what is the recommended approach?
Save a fixed percentage of each paycheck and build it up
Which type of student loan typically has the lowest interest rate?
Federal Student Loan
When Tax Day falls on a weekend, what is the general rule for the filing deadline?
The deadline moves to the next business day