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

Question:
Debts
Answer
 Liabilities

Definitions:
200
you owe.

Question:
 Small,
Definitions:
400
secure storage
compartment rented in
a bank
Answer
 Safe Deposit Box


Question:
Cash
Definitions:
600
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:
Extra
Definitions:
1000
money to be
spent or saved after
taxes and necessities.
Answer
 Discretionary Income


Question:
Expenses
Expenses: 200
that vary
from month-to-month
Answer
 Variable Expenses


Question:
Expenses
Expenses: 400
that do not
change monthly.
Answer
 Fixed Expenses


Question:
Expenses
Expenses: 600
that are
not paid monthly and
may vary in cost.
Answer
 Periodic Expenses


Question:
Describe
Expenses: 800
P.Y.F.
Answer
 Pay Yourself First
 Whenever you receive money, place
some aside to use later.


Question:
 Provides
Expenses:
1000
a small income
and other services for
the elderly, disabled
and orphaned minors.


Answer
Social Security

Question:
Net
Budgeting
Formulas: 200
Worth
Answer
 Assets – Liabilities = Net Worth


Question:
Net
Budgeting
Formulas: 400
Cash Flow
Answer
 Income – Expenses = Net Cash Flow


Question:
Overtime
Budgeting
Formulas: 600
Rate
Answer
 Hourly wage x 1.5 = Overtime Rate


Budgeting
Formulas: 800
Question:
Debt
Ratio
Answer
 Liabilities / Net Worth = Debt Ratio
(lower is better!)


Question:
Liquidity
Budgeting
Formulas: 1000
Ratio
Answer
 Liquid Assets / Monthly Expenses =
Liquidity Ratio
(higher is better!)

Document
Storage: 200

Question:


Answer
Home Files/Filing Cabinet
Employment
Records,
Tax Records, Housing
Records, Insurance
Records

Question:
Resume,
Document
D
Storage: 400
Tax Records,
Current/Past Budgets
Answer
 Home Computer


Question:
Your
Document
Storage: 600
will, birth
certificates, valuable
collectibles, car titles
Answer
 Safe Deposit Box


Question:
Things
value.
Answer
 Assets

Document
Storage: 800
you own/have

Question:
The
Document
Storage: 1000
money you have
coming in and the
money going out.
Answer
 Cash Flow


Budgeting
Potpourri: 200
Question:
Trade
Off
Answer
 Opportunity Cost


Question:
Total
Budgeting
Potpourri: 400
income before
deductions are
subtracted.
Answer
 Gross Pay


Question:


Answer
Medicare
Provides
Budgeting
Potpourri: 600
medical
insurance to the
elderly and to some
disabled Americans

Question:
Purpose
Budgeting
Potpourri: 800
of the W-4.
Answer
 Allows the employer to withhold
income taxes from employee’s wages
to go to the federal government.


Question:
Relies
Budgeting
Potpourri: 1000
on the tax
payer for financial
support.
Answer
 Dependent

Final Jeopardy

Question:


Answer
To spend on paper what you intend to
earn/spend prior to earning the
money. Assign all money to a
category.
Goal
of the zerobased budget.
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!