Budgeting Basics
A plan for managing your money
What is a budget?
Costs that stay the same each month
What are fixed expenses
money you earn is called this
What is income
The cost of Borrowing Money
Interest
Who is the greatest athlete to ever walk the earth
Tom Brady
When you save money before expenses its called this
Pay yourself First
Costs that change depending on usage or situation
What are variable expenses
Money you spend is called this
Expenses
interest calculated only on the original amount borrowed or saved
Simple Interest
What Chemical Makes up 78% of the earths athmosphere
What is Nitrogen
When your budget shows more money left over than spent its called this
What is a surplus
Non-Essential Costs, Such as going to the movies
What are discretionary expenses
When your income is greater than your expenses you have this
What is a surplus
Interest calculated on both the original amount and any interest already earned
What is compound interest
What was the first soft drink in space?
Coke a cola
When your budget shows that you spent more money that you earned, Deficit
What is a deficit
Paying rent is an example of this expense
What is a fixed expenses
What is $62.50
The Original Amount Borrowed or invested
What is the principle
The amount of presidents that have died on the 4th of july
3
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Grocery spending is most often this type of expense
Variable Expense
Saving part of your income before paying bills is called this strategy
Pay yourself first
This type of interest benefits savers the most but costs more for borrowers
What is compound interest
The first woman inducted into the rock n roll hall of fame
Aretha Franklin