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

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Definitions: 600• Question:

• Cash and items that can be quickly converted to cash.

• Answer• Liquid Assets

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Definitions: 800• Question:• The difference between the amount you

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

• Answer• Net Worth

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Definitions: 1000• Question:

• Extra money to be spent or saved after taxes and necessities.

• Answer• Discretionary Income

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Expenses: 200• Question:

• Expenses that vary from month-to-month

• Answer• Variable Expenses

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Expenses: 400• Question:

• Expenses that do not change monthly.

• Answer• Fixed Expenses

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Expenses: 600• Question:

• Expenses that are not paid monthly and may vary in cost.

• Answer• Periodic Expenses

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Expenses: 800• Question:

• Describe P.Y.F.• Answer• Pay Yourself First• Whenever 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.

• 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

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Budgeting Formulas: 600

• Question:

• Overtime Rate• Answer• Hourly wage x 1.5 = Overtime Rate

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Budgeting Formulas: 800

• Question:

• Debt Ratio• Answer• Liabilities / Net Worth = Debt Ratio

(lower is better!)

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Budgeting Formulas: 1000

• Question:

• Liquidity Ratio• Answer• Liquid Assets / Monthly Expenses = Liquidity

Ratio (higher is better!)

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Document Storage: 200

• Question:

• Employment Records, Tax Records, Housing Records, Insurance Records

• Answer• Home Files/Filing Cabinet

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DDocument

Storage: 400• Question:

• Resume, Tax Records, Current/Past Budgets

• Answer• Home Computer

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Document Storage: 600

• Question:

• Your will, birth certificates, valuable collectibles, car titles

• Answer• Safe Deposit Box

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Document Storage: 800

• Question:

• Things you own/have value.

• Answer• Assets

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Document Storage: 1000

• Question:

• The money you have coming in and the money going out.

• Answer• Cash Flow

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Budgeting Potpourri: 200

• Question:

• Trade Off• Answer• Opportunity Cost

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Budgeting Potpourri: 400

• Question:

• Total income before deductions are subtracted.

• Answer• Gross Pay

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Budgeting Potpourri: 600

• Question:

• Provides medical insurance to the elderly and to some disabled Americans

• Answer• Medicare

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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.

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Budgeting Potpourri: 1000

• Question:

• Relies on the tax payer for financial support.

• Answer• Dependent

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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.

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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 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!