Intro & Lingo
What is income?
Money that you can get from benefits, work, or family and friends
What is a budget?
A detailed plan for future spending and saving, weighing estimated income against estimated expenses.
Food and water, clothing, shelter/rent, and utilities are examples of what?
Needs
It is recommended that you spend around _____ of your monthly income on groceries and other food purchases.
15%
Define "exploitation."
The act of selfishly taking advantage of someone or a group of people in order to profit from them or otherwise benefit oneself.
What is the provincial disability program in British Columbia?
Person with Disability Benefit
When making a budget, your total expenses must not exceed your total:
Income
What is something you would like, but not necessary for survival?
Want
If you are on PWD, it is recommended that you spend $_____ on food every week.
$56
What is a chequing account? What could you use it for?
A place to store your daily spending money, typically the money used for bills, regular purchases, or bank machine transactions. There is little to no interest.
Vacation, medications, and parking are considered as:
Expenses
Spending money on items that change in price from week to week or month to month is also known as a____?
Variable Expense
According to Maslow (1943), how many basic human needs are there?
5
Name a method you could use for budgeting that involves physically sorting your money.
Envelope or jar method
What is a savings account? What could you use it for?
An safe place to store saved money while also earning a little bit of interest. It is good for short term goal saving and for emergency funds.
The minimum amount of income needed to secure the necessities of life is called the:
Poverty line
What are the four parts you include in your budget?
Income, Fixed Expenses, Variable Expenses, Balance
True or False: A budget can be created by subtracting needs and wants from your income
True
What is the approximate percentage of your gross monthly income that subsidized housing (such as BC Housing) charges?
30%
The best way to protect your money is to put it:
Put it in your bank account
If you are a single person, your PWD Income Assistance is how much per month?
$1483.50
What type of expenses need to be paid first?
Fixed Expenses (Your needs)
What is a physiological need? Does it get met before or after your other needs?
if you are on PWD and you live in subsidized housing, approximately how much will your rent cost?
$400-$500
If you take out a payday loan for 14 days, what is the annual percentage rate of interest you are likely to pay?
391%