Post on 03-Jan-2016
transcript
Personal FinanceBudgeting Review
BudgetingDefinitions Types of
ExpensesBudgeting Formulas
Document Storage
Budgeting Potpourri
200 200 200 200 200
400 400 400 400 400
600 600 600 600 600
800 800 800 800 800
1000 1000 1000 1000 1000
Final Jeopardy
Definitions: 200Question:
Debts you owe.
AnswerLiabilities
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Definitions: 400Question:
Small, secure storage compartment rented in a bank
AnswerSafe Deposit Box
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Definitions: 600Question:
Cash and items that can be quickly converted to cash.
AnswerLiquid Assets
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Definitions: 800
Question:The difference between the amount
you own (assets) and the debts you owe (liabilities).
AnswerNet Worth
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Definitions: 1000Question:
Extra money to be spent or saved after taxes and necessities.
AnswerDiscretionary Income
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Expenses: 200Question:
Expenses that vary from month-to-month
AnswerVariable Expenses
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Expenses: 400Question:
Expenses that do not change monthly.
AnswerFixed Expenses
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Expenses: 600Question:
Expenses that are not paid monthly and may vary in cost.
AnswerPeriodic Expenses
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Expenses: 800Question:
Describe P.Y.F.AnswerPay Yourself FirstWhenever you receive money, place
some aside to use later.
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Expenses: 1000
Question:
Provides a small income and other services for the elderly, disabled and orphaned minors.
AnswerSocial SecurityBac
k
Budgeting Formulas: 200Question:
Net WorthAnswerAssets – Liabilities = Net Worth
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Budgeting Formulas: 400Question:
Net Cash FlowAnswerIncome – Expenses = Net Cash Flow
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Budgeting Formulas: 600
Question:
Overtime RateAnswerHourly wage x 1.5 = Overtime Rate
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Budgeting Formulas: 800Question:
Debt RatioAnswerLiabilities / Net Worth = Debt Ratio
(lower is better!)
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Budgeting Formulas: 1000Question:
Liquidity RatioAnswerLiquid Assets / Monthly Expenses =
Liquidity Ratio (higher is better!)
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Document Storage: 200Question:
Employment Records, Tax Records, Housing Records, Insurance Records
AnswerHome Files/Filing Cabinet
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DDocument
Storage: 400Question:
Resume, Tax Records, Current/Past Budgets
AnswerHome Computer
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Document Storage: 600Question:
Your will, birth certificates, valuable collectibles, car titles
AnswerSafe Deposit Box
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Document Storage: 800Question:
Things you own/have value.
AnswerAssets
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Document Storage: 1000
Question:
The money you have coming in and the money going out.
AnswerCash Flow
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Budgeting Potpourri: 200
Question:
Trade OffAnswerOpportunity Cost
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Budgeting Potpourri: 400Question:
Total income before deductions are subtracted.
AnswerGross Pay
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Budgeting Potpourri: 600Question:
Provides medical insurance to the elderly and to some disabled Americans
AnswerMedicare
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Budgeting Potpourri: 800Question:
Purpose of the W-4.AnswerAllows the employer to withhold
income taxes from employee’s wages to go to the federal government.
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Budgeting Potpourri: 1000Question:
Relies on the tax payer for financial support.
AnswerDependent
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Final JeopardyQuestion:
Goal of the zero-based budget.
AnswerTo spend on paper what you intend to
earn/spend prior to earning the money. Assign all money to a category.
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Daily Double
*The winner of the last round needs towrite down how many points
you are willing to risk.*If you get the question right, you win those points!
If you get it wrong, you lose those points!
Daily Double
*The winner of the last round needs towrite down how many points
you are willing to risk.*If you get the question right, you win those points!
If you get it wrong, you lose those points!