Budgeting, Investing, Credit, and Bankruptcy

Saving for a college degree would be considered a

• Short Term Savings

• Long Term Savings

Taking out a portion of a paycheck for saving and investing before using any of it for extra spending is known as

• Investing

• Savings Plan

• 50-30-20 Rule

• Pay Yourself First

The difference between a need and a want is

• A need is something you desire and a want is something that is essential for survival

• A need is something that is essential for survival and a want is something you desire

When using the 50-30-20 Rule, what percent do you spend at your digression?

• 50%

• 30%

• 20%

• Whatever is leftover

Food eaten out in a restaurant would be considered a

• Fixed expense

• Transfer payment

• Need

• Want

This is known as a set of goals for spending, saving, and investing the money your receive

• Investing

• Savings Plan

• Financial Plan

• Pay Yourself First

The second step in preparing a budget is

• Balance the Budget

• Decide how much of your income you want to save for future needs

• Estimate your expenses and day-to-day purchases

• Estimate your income for a certain time period

James has $50 left over after budgeting for the month. What would be the best thing to do with that money?

• Add it to the debt he still owes

• Put it in savings

• Give it to charity

• Treat yourself to something special

Out of all the ages listed below, which is the best age to start investing

• 60

• 50

• 40

• 30

When you want to start investing, who is the person that you go talk to?

• Beautician

• Broker

• Stock Manager

• Asset Manager