Budget Basics
This percentage of earnings should go to your "needs".
What is 50%?
This investment type is defined as direct ownership of individual shares in a public business and has a "High" risk rating.
What are Stocks?
Represented on Slide 5 as I = P*r*t, this calculation determines interest earned purely on the starting money.
What is Simple Interest?
Highlighted as a metric on Slide 8, this is the average interest rate (APR) charged by revolving credit cards.
What is 21%?
This is "The Ultimate Rule" in budgeting.
What is "Pay Yourself First"?
The "13-Week Challenge" requires scouts to keep an accurate, written record of these three financial entries.
What are incoming funds (earnings), actual expenditures (spending), and general savings?
This moderate-risk asset consists of a diverse portfolio of multiple investments grouped and managed collectively.
What are Mutual Funds?
This happens if you don't save for the future.
What is living with your parents forever?
Unlike a revolving credit card loan, this type of card pulls money directly and immediately out of your existing bank funds.
What is a Debit Card?
This is why insurance contracts were created in london.
What is protecting cargo ships from pirates?
This financial state occurs if your actual expenditures exceed your incoming funds, requiring you to reduce flexible costs.
What is a deficit?
Safe products like CDs and savings accounts pay fixed rates and carry this exact risk classification.
What is "Very Low"?
In both the simple and compound interest formulas, the letter "P" stands for this primary financial variable.
What is Principle?
Standard consumer credit scores represent financial reliability and scale up to this maximum point value.
What is 850?
This is when was the first form of "credit cards" introduced.
When was the 1950s?
On Slide 3's budget grid chart, these two categories share an identical target allocation of exactly 10% each.
What are Savings and Givings?
This type of safe banking product is represented by the common abbreviation "CD".
What is a Certificate of Deposit?
In the compound interest formula A = P(1 + r/n)^{n*t}, these two lowercase letters represent your interest rate and total time.
What is "r" and "t"? (Rate & Time)
This psychological term describes buying decisions triggered by peer pressure, stress, or boredom.
What is "Mind Spending"?
What is 168 hours?
Name three of the four standard items explicitly classified as "Needs" on Slide 2's list.
What are nutritious food, basic shelter, vital healthcare, and educational tools? (Any 3)
This type of interest growth is calculated dynamically based on the initial principle and all previously accumulated interest?
What is Compound Interest?
In the compound interest formula, this lowercase variable represents the number of times interest is calculated and added per year.
What is "n"?
Marketing channels use social proof, algorithms, and this technique of creating fake/limited availability to force immediate purchases.
What is Artificial Scarcity?
This is the worst (legal) way to borrow money (in terms of interest).
What is a credit card?