| Vocab | Financial decisions | Calculating taxes | Budgeting | Goal Setting |
|---|---|---|---|---|
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What is a budget?
An estimate of the amount you spend for a period of time.
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You are at the store you ether can get the 2$ water or the 5$ water which would you choose
2$ Water
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Your subtotal at the grocery store is $100, the tax is 7%. How much do you pay in taxes?
7 dollars
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What is budgeting?
Budgeting is when you estimate how much you should spend on everything for a certain period of time based on your income.
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Is goal setting important?
Yes.
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What is something you owe or due?
Debt
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Your friends are going to a movie and they ask if you want to go the movie ticket is 10 plus 10 for a drink and popcorn if you go to the movies you can’t afford groceries. What do you do?
Don’t go to the movies.
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Your subtotal is $120, the tax is 10%. How much do you pay in taxes?
12 dollars
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If you have a low income, should you be spending your money only on cheaper products that will still make due?
Yes you should.
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What is goal setting?
Setting short and long term goals to keep your personal finances in check.
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What is a legal agreement that a bank lends money in exchange for property?
Mortgage
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Your friends are going to your favorite band. However, if you go you may not have enough money for rent this week. What should you do?
Stay home.
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Your subtotal is $140, the tax is 5%. How much do you pay in taxes?
7 dollars
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Should budgeting be a top priority?
Yes.
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Why is goal setting important?
It can keep yourself financially stable.
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What is the a card that allows the holder to purchase things on credit?
Credit card
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Your grandparents want you to come out to Florida for a week vacation if you go to the vacation you will not be able to go to work and have money to pay expenses. What should you do?
Don’t go to the vacation and tell them next time
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Your subtotal is $160, the tax 50%. How much do you pay in tax?
80 dollars
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Do you make up your entirely own budget without experience?
No, you should find budgeting plans that work for you.
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What would happen if you didn’t set goals?
You would be stuck in one place and not know how to take steps to get better.
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What is compound interest?
The interest earned on other interest
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You are buying a house for 550k you have a choice to ether get another loan even though you already need to pay off 2 or you don’t buy a house and live with your Parents for another 2 mouths
Don’t buy another house
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You subtotal is $500, the tax is 120%, how much do you pay in tax?
600
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Do you do budgeting based on your income before taxes or after taxes?
After taxes.
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Why is it important to set long and short term goals?
It is important because the short term goals can help accomplish the long term ones.
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