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WorksheetsBudget Information
Total questions: 29
Worksheet time: 28mins
What are the 3 reasons for a budget
- To avoid debt
- Gain control of your finances
- To save money
- To get debt
- To lose control of your finances
- To waste money
What are the 3 reason for saving
- For retirement
- For a rainy day/ emergency
- A big purchases/ opportunity
- For work
- For a sunny day/ solution
- A small purchases/ threat
Avoid Over Spending:
over spending will lead to running out of money or going into debt.
over spending will lead to gaining money or going into credit.
so you spend your money wisely rather than wastefully.
you can plan or "budget" your money so you have money left over to save for.
Prioritize Spending:
so you spend your money wisely rather than wastefully.
over spending will lead to running out of money or going into debt.
you can plan or "budget" your money so you have money left over to save for.
Save:
you can plan or "budget" your money so you have money left over to save for.
So you spend your money wisely rather tan wastefully.
over spending will lead to running out of money or going into debt.
Save for:
- Major purchase: car, home, vacation, kids' college
- Bad times: lose job, get sick
- retirement
- wasteful purchase: games, movies, fast food
- Good times: working a good job, being heathy
- still working
What do you call when you get paid by the hour?
Wages
Salary
Expenses
Income
When is it called when you get paid a fixed amount of each year?
Salary
Wages
Dividends
Expenses
What are the two types of income that come from stock?
Dividends and Appreciation (Capital gain)
Expenses and Income
Deficit and Surplus
Wages and Salary
In order for you to save your income has to be greater than your what?
Expenses
Salary
Wages
Income
If your expenses are greater than your income than your budget is in what
Deficit (leads to dept)
Surplus (leads to credit)
When you lend people money you charge them what
Interest
Expenses
Income
Wages
Where can you get Income?
Work and Savings/investments
Retirement and Spending
Wages:
earning paid by the hour or unit.
earnings paid on a weekly or monthly basis regardless of how many hours worked or units produced.
Salary:
earnings paid on a weekly or monthly basis regardless of how many hours worked or units produced.
earnings paid by the hour or unit.
Dividends:
payment of your share of company's profits.
increase in value of stock from the time you bought it to when you sell it.
Appreciation:
increase in value of stock from the time you bought it to when you sell it.
payment of your share of company's profits.
Interest Baring Securities are:
Savings Account
CD (Certificate of Deposit)
Bond
Credit
Income
From work :
Wages and Salary
Dividends and Appreciation
From savings/investments:
Stocks
Interest Baring Securities
Real Estate (land and/ or buildings)
Commodities (grain, gold, oil, pork bellies, etc.)
Wages and Salary
What is the thing computers today make it easy to automatically?
to take part of your pay and invest in mutual funds consisting of stocks or bonds.
to retire social security and other retirement plans become sources of income.
What becomes you source of income when you retire?
Social security and other retirement plans
Pay and invest in mutual funds
Stocks or bonds
Real Estate
Land
Buildings
Grain
Gold
Commodities
Grain
Gold
Oil
Pork bellies
Land
Savings:
Income you do NOT spend (JA classified saving as an expense)
Income you do spend (JA classified saving as an Income)
Savings = _________ - ___________
Income, Expenses
Expenses, Income
If (Income > (greater than) Expenses) is what
surplus/Savings
Deficit
If (Income <(less than)Expenses) is what
deficit
surplus/ savings
Deficit leads to what
Debt
Default on obligation
Credit
Not obligation
