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