My review for Business Benchmark
The 50/20/30 Rule
A popular savings rule of thumb in which 50% of your income goes towards necessities (groceries, rent, utilities), 20% goes towards savings, debt, and investments, and 30% goes towards flexible spending (aka fun)
Balance Sheet
Assets = Liabilities + Equity
What is Not a good way to prevent unnecassary spending
Buy all of your wants at one time
Financial Literacy
The ability to make smart financial decisions which result into desired financial outcomes
Which of the following is True regarding unexpected and expenses
They should be planned for
a row
a group of cells that run horizaontally
column
a group of cells that run vertically top to bottom
An emergency fund should Not be used for
a last minute school trip
a cell
a rectangular box within a spreasheet
workbook
are the excel files
_____ are good places to look to find your currrent expenses when building your budget
bank and credit statement
In your budgeting process when should you look at recurring expenses
before reviewing your wants
selecting cells using the shift key
click and drag, shift key, ctrl key
selecting cells bu using ctrl key
click row or culumn heading to select
Methods of selecting cells
click/select it also by using arrow keys
income statement
earning and expenses (over a period of time)
This helps you prepare for unexpected expenses
emergency fund
which of the following should you consider when setting a budget
financial goals, needs and wants, and savings
why is using a budget beneficial
helps to keep track of the money you have,helps to priortize your spending, and Helpsreach short- and long term fincial goals
disposable income
is the net income available to invest,save,or spend after deducting income taxes
Discretionary income
is what a household or individual has to invest, save, or spend after taxes and necessities are paid
worksheet
one or more sheets
disposable income calculated by
subtracting income taxes from income
Cell contains the following
texts, formulas, and functions
Charitable donations entertainment expense and financial goals are all examples of
things to consider when creating a budget
The envelope method,notebook and pencil,and online software are all methods of
tracking your spending
cells adress
where rows and columns meet