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

Back

Definitions: 400Question:

Small, secure storage compartment rented in a bank

AnswerSafe Deposit Box

Back

Definitions: 600Question:

Cash and items that can be quickly converted to cash.

AnswerLiquid Assets

Back

Definitions: 800

Question:The difference between the amount

you own (assets) and the debts you owe (liabilities).

AnswerNet Worth

Back

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

Back

Expenses: 400Question:

Expenses that do not change monthly.

AnswerFixed Expenses

Back

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.

Back

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

Back

Budgeting Formulas: 400Question:

Net Cash FlowAnswerIncome – Expenses = Net Cash Flow

Back

Budgeting Formulas: 600

Question:

Overtime RateAnswerHourly wage x 1.5 = Overtime Rate

Back

Budgeting Formulas: 800Question:

Debt RatioAnswerLiabilities / Net Worth = Debt Ratio

(lower is better!)

Back

Budgeting Formulas: 1000Question:

Liquidity RatioAnswerLiquid Assets / Monthly Expenses =

Liquidity Ratio (higher is better!)

Back

Document Storage: 200Question:

Employment Records, Tax Records, Housing Records, Insurance Records

AnswerHome Files/Filing Cabinet

Back

DDocument

Storage: 400Question:

Resume, Tax Records, Current/Past Budgets

AnswerHome Computer

Back

Document Storage: 600Question:

Your will, birth certificates, valuable collectibles, car titles

AnswerSafe Deposit Box

Back

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.

Back

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!