Budgeting
Money you receive is called:
What is Income?
Saving $20 a month for three months to buy a new pair of shoes is an example of what?
What is a short term savings goal?
What is a need?
You go to the grocery store and by a soda that costs $1.89. You hand the cashier $5.00. How much change will you get?
What is $3.11?
Paying attention to per unit pricing is important because it helps you figure out what?
What is: Which item is the better deal?
Money you spend is called:
What is Expenses?
According to the 50/30/20 rule what percentage of your income should be set aside each month in savings?
What is 20%
Going to a concert with friends would fall into this category.
What is a want?
You are supposed to get 65 cents in change at the store. What coins would you use to make 65 cents using the smallest number of coins?
What is:
2 Quarters
1 dime
1 nickel
Which is the better deal: $5.99 for 12 rolls of toilet paper or $7.99 for 18 rolls
What is $7.99 for 18 rolls?
According to the 50/30/20 Rule, 50% of your income should be spent on what?
What is your Needs?
Name 2 ways you can save money on everyday expenses when you go to the grocery store?
What is: using a coupon, buying an item on sale, comparison shopping, paying attention to unit pricing, using store apps
50% of my income each month should be spent on what?
What are needs?
You buy something at the store for $15 dollars. You pay with a $20 bill. What dollar bill amount should you get back as change?
What is a $5.00 bill?
In order to find out the unit cost on an item you have to do some math. What math equation do you have to do?
Divide the price of the item by the number of units (rolls, ounces, pounds, etc)
According to the 50/30/20 Rule, 30% of your income should be spent on what?
What is your Wants?
Saving $200 a month for a year for a special vacation would be an example of what?
What is a long term savings goal?
30% of my income each month should be spent on what?
What are wants?
You buy a new pair of shoes for $76.83. You pay with a $100.00 bill. How much change should you get back?
What is $23.17?
Which is the better deal? A 16 oz bottle of shampoo for $4.00 or a 35 ounce bottle for $7.00?
Why is it important to have a budget?
What is: So you don't spend more than you earn. OR, so you have a plan for how you will spend your money.
A savings account that has 3-6 months worth of money to cover your expenses in case you loose your job would be called what?
What is an emergency fund?
List at least three things that would be considered needs.
What is: Rent, groceries, transportation costs, medical bills, Insurance, Utilities (electricity and water).
If $23.17 is the amount of change you should receive back, list what dollar bills, and what coins you should receive to make that amount using the least number of coins and bills possible.
What is: 1 $20.00 bill, 3 $1.00 bills, one dime, one nickel and 2 pennies.
What is the better deal? A 6 pack of soda for $5.34 or a 24 pack of soda for $9.99?
What is a 24 pack for $9.99?