personal finance budgeting review
DESCRIPTION
Personal Finance Budgeting Review. Budgeting. Definitions: 200. Question : Debts you owe. Answer Liabilities. Back. Definitions: 400. Question : Small, secure storage compartment rented in a bank Answer Safe Deposit Box. Back. Definitions: 600. Question: - PowerPoint PPT PresentationTRANSCRIPT
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: 200• Question:
• Debts you owe.
• Answer• Liabilities
Back
Definitions: 400• Question:
• Small, secure storage compartment rented in a bank
• Answer• Safe Deposit Box
Back
Definitions: 600• Question:
• Cash and items that can be quickly converted to cash.
• Answer• Liquid Assets
Back
Definitions: 800• Question:• The difference between the amount you
own (assets) and the debts you owe (liabilities).
• Answer• Net Worth
Back
Definitions: 1000• Question:
• Extra money to be spent or saved after taxes and necessities.
• Answer• Discretionary Income
Back
Expenses: 200• Question:
• Expenses that vary from month-to-month
• Answer• Variable Expenses
Back
Expenses: 400• Question:
• Expenses that do not change monthly.
• Answer• Fixed Expenses
Back
Expenses: 600• Question:
• Expenses that are not paid monthly and may vary in cost.
• Answer• Periodic Expenses
Back
Expenses: 800• Question:
• Describe P.Y.F.• Answer• Pay Yourself First• Whenever 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.
• Answer• Social SecurityBack
Budgeting Formulas: 200
• Question:
• Net Worth• Answer• Assets – Liabilities = Net Worth
Back
Budgeting Formulas: 400
• Question:
• Net Cash Flow• Answer• Income – Expenses = Net Cash Flow
Back
Budgeting Formulas: 600
• Question:
• Overtime Rate• Answer• Hourly wage x 1.5 = Overtime Rate
Back
Budgeting Formulas: 800
• Question:
• Debt Ratio• Answer• Liabilities / Net Worth = Debt Ratio
(lower is better!)
Back
Budgeting Formulas: 1000
• Question:
• Liquidity Ratio• Answer• Liquid Assets / Monthly Expenses = Liquidity
Ratio (higher is better!)
Back
Document Storage: 200
• Question:
• Employment Records, Tax Records, Housing Records, Insurance Records
• Answer• Home Files/Filing Cabinet
Back
DDocument
Storage: 400• Question:
• Resume, Tax Records, Current/Past Budgets
• Answer• Home Computer
Back
Document Storage: 600
• Question:
• Your will, birth certificates, valuable collectibles, car titles
• Answer• Safe Deposit Box
Back
Document Storage: 800
• Question:
• Things you own/have value.
• Answer• Assets
Back
Document Storage: 1000
• Question:
• The money you have coming in and the money going out.
• Answer• Cash Flow
Back
Budgeting Potpourri: 200
• Question:
• Trade Off• Answer• Opportunity Cost
Back
Budgeting Potpourri: 400
• Question:
• Total income before deductions are subtracted.
• Answer• Gross Pay
Back
Budgeting Potpourri: 600
• Question:
• Provides medical insurance to the elderly and to some disabled Americans
• Answer• Medicare
Back
Budgeting Potpourri: 800
• Question:
• Purpose of the W-4.• Answer• Allows the employer to withhold income
taxes from employee’s wages to go to the federal government.
Back
Budgeting Potpourri: 1000
• Question:
• Relies on the tax payer for financial support.
• Answer• Dependent
Back
Final Jeopardy• Question:
• Goal of the zero-based budget.
• Answer• To 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 to
write down how many pointsyou are willing to risk.*
If you get the question right, you win those points!If you get it wrong, you lose those points!