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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:
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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: • Known as your take-home pay. • Answer • Net 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: • Collected by every employer on behalf of employees and sent to the state revenue department. • Answer • State Income Tax Back
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 Wage • Answer • Hourly wage x 1.5 = Overtime Wage 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 Back
Document Storage: 400 D • 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. 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 prior to earning the money. Back
Daily Double *The winner of the last round needs to write 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 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!
