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Finances
| Question | Answer |
|---|---|
| A budget is a ___ for your money. | Plan |
| Your budget gives you ___ to spend. | Freedom |
| Money ___ in two ways, in and out. | Flows |
| Money flows out through giving, saving, and ___. | Spending |
| 95% of people agree that budgeting is ___. | Important |
| Only ___ of people do a budget every month | 35% |
| The first component of a budget is ___. | Income |
| The second component is ___. | Giving |
| The third component is ___. | Saving |
| The fourth component is ___. | Spending |
| The way you break up your ___ is up to you. | Categories |
| Your income, savings, and ___ can also have categories. | Giving |
| A zero-based budget is when your income minus your giving, saving, and spending equals ___. | Zero |
| Prioritize your ___: shelter, utilities, transportation, and food. | Four Walls |
| A zero-based budget does not mean zero dollars in your ___. | Checking |
| The best kind of budget is a ___ budget. | Zero-based |
| Make sure you have a miscellaneous ___. | Category |
| Use a budgeting app that works for ___. | You |
| After you uses a budget, you need to ___ every expense. | Track |
| Keeping track of your expenses will help you ___ your budget. | Adjust |
| A budget is never going to be a ___ porcess. | Perfect |
| One of he best ways to track your expenses is the ___ system. | Envelope |
| When you use ___, you end up spending less. | Cash |
| Don't underestimate the emotional ___ you get when using cash. | Punch |
| You need to do a budget every single ___. | Month |
| The first month you do your budgest will be a ___. | Disaster |
| Give your budget ___ months to start working. | Three |
| ___ your budget with someone you trust. | Share |
| When budgeting becomes a habit in your life, it will becom easier and ___. | Faster |
| Every month is going to be ___. | Different |
| You will be inclined to budget one way or another way based on your money ___. | Personality |
| Ask a parent or find a ___ to help keep you accountable. | Friend |
| Be ___ with yourself about your spender or saver tendencies. | Honest |
| What is a budget | A plan for managing income and expenses |
| What is income | Money earned from work or investments |
| What is a fixed expense | An expense that stays the same each month |
| What is a variable expense | An expense that changes month to month such as groceries or gas |
| What is an intermittent expense | An expense that occurs occasionally such as car repairs or gifts |
| What is a discretionary expense | An expense for nonessential items such as entertainment or eating out |
| What is a zero based budget | A budget where income minus expenses equals zero |
| What is net income | The amount of money you take home after taxes and withholdings |
| What is gross income | Total income before taxes and deductions |
| What is a cash flow statement | A summary of income and expenses over a period of time |
| What is irregular income | Income that is not consistent such as seasonal work |
| What is commission | Money earned as a percentage of sales |
| Taxes and withholdings impact your which is the amount of money you take home | Net income |
| The cost of groceries and gas is considered a | Variable expense |
| A budget needs to be evaluated in light of your other expenses for the month | Budget |
| To budget with a zero based budget prioritize expenses from most to least important | Zero based budget |
| A fixed expense stays the same from month to month | Fixed expense |
| A budget should account for fixed variable intermittent and discretionary expenses based on income | Budget |
| A budget doesnt tell you not to spend it actually | Helps you control and plan spending |
| The three priorities in your budget after listing income are | Giving saving and spending |
| The envelope system is especially helpful for expenses like | Groceries and gas |
| Specific categories are important to consider when creating a budget so you can | Track and control spending |
| What is it called when you make money on the percentage of total sales | Commission |
| When creating your monthly budget what is the first priority under expenses | Giving |
| Which of the following is not a type of discretionary expense | Depreciation |
| If you approach money with a generous spirit youll be | More grateful |
| What is your biggest wealth building tool | Income |
| What will tracking expenses help you do | All of these stick to a budget catch errors and make adjustments |
| Why is rent considered a fixed expense | Because it is the same amount every month |
| Why is the electric bill considered a variable expense | Because the amount changes each month |
| Why are groceries and gas variable expenses | Because their cost varies month to month |
| What is an intermittent expense | An expense that occurs occasionally such as yearbooks or quarterly insurance premiums |
| What is a discretionary expense | A nonessential want that can be fixed variable or intermittent |
| What is an example of a discretionary variable expense | Eating out at restaurants |
| What is an example of a discretionary fixed expense | An online gaming subscription |
| What do the Five Foundations help you work toward | Saving an emergency fund paying cash for a car and paying cash for college |
| Why is a zero based budget helpful for financial goals | Because it helps you stretch your money as far as possible |
| What is net income | Money earned after taxes and deductions take home pay |
| What is gross income | Money earned before taxes and payroll deductions |
| What is irregular income | Income that comes at different amounts or different times |
| What is commission | Earnings based on a percentage of sales made |
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