Personal Finance
Budgeting Review
Budgeting
Definitions
Types of
Expenses
Budgeting
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
Definitions: 400
• Question:
• Small, secure storage
compartment rented in a bank
• Answer
• Safe Deposit Box
Definitions: 600
• Question:
• Cash and items that can be
quickly converted to cash.
• Answer
• Liquid Assets
Definitions: 800
• Question:
• The difference between the amount you
own (assets) and the debts you owe
(liabilities).
• Answer
• Net Worth
• Question:
Definitions:
1000
• Known as your take-home
pay.
• Answer
• Net Income
Expenses: 200
• Question:
• Expenses that vary from
month-to-month
• Answer
• Variable Expenses
Expenses: 400
• Question:
• Expenses that do not change
monthly.
• Answer
• Fixed Expenses
Expenses: 600
• Question:
• Expenses that are not paid
monthly and may vary in cost.
• Answer
• Periodic Expenses
Expenses: 800
• Question:
• Describe P.Y.F.
• Answer
• Pay Yourself First
• Whenever you receive money, place some
aside to use later.
Expenses: 1000
• Question:
• Collected by every employer
on behalf of employees and
sent to the state revenue
department.
• Answer
• State Income Tax
• Question:
Budgeting
Formulas: 200
• Net Worth
• Answer
• Assets – Liabilities = Net Worth
• Question:
Budgeting
Formulas: 400
• Net Cash Flow
• Answer
• Income – Expenses = Net Cash Flow
• Question:
Budgeting
Formulas: 600
• Overtime Wage
• Answer
• Hourly wage x 1.5 = Overtime Wage
• Question:
Budgeting
Formulas: 800
• Debt Ratio
• Answer
• Liabilities / Net Worth = Debt Ratio
(lower is better!)
• Question:
Budgeting
Formulas: 1000
• Liquidity Ratio
• Answer
• Liquid Assets / Monthly Expenses = Liquidity
Ratio
(higher is better!)
• Question:
Document
Storage: 200
• Employment Records, Tax
Records, Housing Records,
Insurance Records
• Answer
• Home Files
• Question:
Document
D
Storage: 400
• Resume, Tax Records,
Current/Past Budgets
• Answer
• Home Computer
• Question:
Document
Storage: 600
• Your will, birth certificates,
valuable collectibles, car titles
• Answer
• Safe Deposit Box
• Question:
Document
Storage: 800
• Things you own/have value.
• Answer
• Assets
• Question:
Document
Storage: 1000
• The money you have coming
in and the money going out.
• Answer
• Cash Flow
• Question:
• Trade Off
• Answer
• Opportunity Cost
Budgeting
Potpourri: 200
• Question:
Budgeting
Potpourri: 400
• Total income before
deductions are subtracted.
• Answer
• Gross Pay
• Question:
Budgeting
Potpourri: 600
• Provides medical insurance to
the elderly and to some
disabled Americans
• Answer
• Medicare
• Question:
Budgeting
Potpourri: 800
• Purpose of the W-4.
• Answer
• Allows the employer to withhold income
taxes from employee’s wages.
• Question:
Budgeting
Potpourri: 1000
• Relies on the tax payer for
financial support.
• Answer
• Dependent
Final Jeopardy
• Question:
• Goal of the zero-based
budget.
• Answer
• To spend on paper what you intend to earn
prior to earning the money.
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!