Budgeting
What is the definition of a budget?
An estimate of income and expenditure for a set period of time
Curve ball
How often should you give an outside pet pest repelent?
After the first application of the repellent you would have to apply it every few weeks.
What are money skills?
They are skills related to how well you can manage money (e.g. creating a basic budget, calculating your savings rate).
When do taxes have to be filed?
The due date to file federal taxes each year is April 18th
Is it good to count your change after you receive it?
True
What are some important reasons to creating a budget?
(There are 2 answers)
1. To manage your income and your expenses.
2. To save money for the future.
Why is money identification important?
To avoid getting fake money
What is the best way to manage your money?
(There are 4 answers)
1. Create a budget
2. Save first and spend later
3. Avoid debt
4. Set financial goals
What taxes are taken out of your paycheck?
(There are 2 answers)
Bonus question: What are these taxes called?
1. Social security
2. Medicare
Bonus: These taxes are called FICA taxes (Federal Insurance Contribution Act)
Curve ball
What do you do if you think that someone is following you?
(There is a right and a wrong answer)
Right answer: Remain calm, go to a crowded busy public area or to a police station, if it’s close enough.
Wrong answer: go home or go to an isolated place
What is a good way to manage your expenses?
(There are seven answers. You only have to list 3).
1. Make a personal budget
2. Track your spending
3. Save for retirement
4. Save for emergencies
5. Plan to pay off debts
6. Establish good credit habits
7. Improve your money mindset
What is the only coin made of copper?
The penny
Curve ball
What do you do when there is a grease fire in the kitchen?
(There is one right answer and one wrong answer)
Right answer: cover the fire with a non flammable material (e.g. pot lid if it’s contained in a pot or a metal baking tray if it’s covering the whole stove) or use a dry chemical fire extinguisher.
Wrong answer: use water (if you use water you will spread the burning oil all over the kitchen)
What are the different types of taxes?
(There are 4 answers)
1. Income tax
2. Property tax
3. Corporate tax
4. Sales tax
Does math only matter when it comes to money management?
False
Curve ball
What do you do when you get pulled over by the police?
(There are 4 answers)
1. Pull over immediately and stop on the side of the road when it is safe to do so.
2. Do not get out of the car unless the officer tells you to do otherwise.
3. Keep your hands visible on the steering wheel.
4. Make sure your license is in a convenient location, in a wallet or purse, and make sure your registration is in the glove compartment.
Who are the two non presidents to get their face on American currency?
Bonus: guess the bill denomination
Alexander Hamilton ($10) and Benjamin Franklin ($100)
What items have a tax and what items don’t have a tax?
Essential items aren’t taxed (e.g. clothing under $175, sneakers, prescription drugs).
Non essential items are taxed (e.g. athletic uniforms, vitamin supplement, electronics).
What are the taxes that you have to file yourself?
Generally, most US citizens and permanent residents who work in the US have to file a federal and state tax return each year if they make more than a certain amount for the year.
When something is on sale, does it mean you always save lots of dollars?
False
It only means the price is reduced. You can buy more items for less money.
What is the 50-30-20 rule for managing money?
It’s a rule that talks about allocating an individual’s monthly net income: 50% on needs, 30% on wants and 20% on savings.
What are the names of presidents depicted on US currency?
$1 George Washington
$2 Thomas Jefferson
$5 Abraham Lincoln
$20 Andrew Jackson
$50 Ulysses S. Grant
Name any Apps that help track your spending
MINT and POCKETGUARD.
These Apps are sync to your bank accounts, but use similar safety measures as online banking
Curve ball
What do you do when a person is having a seizure?
(There are four answers/ steps. Make at least two guesses).
1. Stay calm and track the time.
2. Stay with the person until the seizure stops or until they are awake again.
3. Keep the person upright or on their side.
4. If the person is about to fall sit them down onto a chair or lay them down on the ground.
Are hot foods taxable in Massachusetts?
True
Any heated prepared food items are taxable in Massachusetts