Life, Money, and You Ms. Grinde

Unit 2: Budgeting Review Jeopardy! Today we will review the material we’ve learned in Unit 2: Budgeting by playing a game of jeopardy! You are ALLOWED to use your notes, but the more you know off hand, the better! This review will be great to assess your knowledge of the learning objectives in Unit 2. First let’s cover the rules & then divide into teams!

Rules: The Jeopardy board consists of 30 questions, divided into six categories. There will be TWO teams. The game starts when the first team chooses a category and question with a corresponding point value. The higher the point value, the more difficult the question. The ‘questions’ are actually posed as statements and you must answer the ‘questions’ in the form of a question. When questions are asked either team can buzz in to answer. Your team will have 15 seconds to answer before your turn is loss and the opposing team can try to answer. The team that answers correctly gains control of the board and picks next question.

Rules: The board contains ‘double jeopardy’ questions. At this time only the team who landed on the ‘D.J.’ can answer. You will wager (maximum: your total score) what you’d like to bet on the question BEFORE seeing it. You will have 30 seconds to answer. The final jeopardy round will be a single question posed to each team. You will see the category, and then be asked to wager (maximum: total score). You will be asked the question and have 30 seconds to WRITE down the answer (remember: In the form of a question). The team with the highest score at the end of the final jeopardy round WINS!

Now Let’s Play!

THIS IS Jeopardy

With Your Host... Miss Grinde

Jeopardy Taxes Understanding Your Paycheck Receiving $ From Government Spending Plans Living Expenses Random Fun 100 100 100 100 100 100 200 200 200 200 200 200 300 300 300 300 300 300 400 400 400 400 400 400 500 500 500 500 500 500

The percentage of one’s paycheck that is deducted.

What is 31%? A 100

The largest deduction with held from one’s paycheck.

What is federal withholding tax?

These are the three ways in which an employer can pay their employees.

What are payroll card, paycheck, and direct deposit?

An employee’s earnings before deductions.

What is gross income? A 400

The paycheck amount and this income amount are the same.

What is net income? A 500

All government assistance programs are intended for use for this amount of time. B 100

What is a temporary (or short amount of time)? B 100

An action that you can do with your fingers or a temporary government assistance program to buy food. B 200

What is S.N.A.P (Supplemental Nutrition Assistance Program)? B 200

A tax that is quite controversial and provides a small income and services to the elderly, disabled, and orphaned minors. B 300

What is social security? B 300

A worker who has been let go or laid off receives this stipend from the government.

What is unemployment insurance? B 400

This government program provides medical care to the elderly and people with disabilities.

What is medicare? B 500

A plan for managing your money during a given period of time. C 100

What is a spending plan/budget? C 100

For those living on this ‘federal and state determined ‘least amount earnings’, budgeting is even more critical. C 200

What is minimum wage? C 200

In order to Budget, you must first determine what is the money you have coming in and out.

What is cash flow? C 300

DAILY DOUBLE DAILY DOUBLE Place A Wager C 400

Name 5 of the 7 government assistance programs.

Unemployment Insurance Social Security Earned Income Tax Credit What are: SNAP TANF Medicare Medicad Unemployment Insurance Social Security Earned Income Tax Credit C 400

When budgeting a meal, a family can buy this instead of brand name foods to save money.

What is generic/or store brand?

This term can label every person who receives a paycheck. D 100

What is a taxpayer? D 100

Taxes issued on a house or land.

What are property taxes? D 200

Responsible for collecting federal taxes, issues regulations, and enforcing tax laws written by the United States Congress. D 300

What is the IRS or Internal Revenue Service? D 300

Taxes are enforced at these three levels.

What are local, state, and federal?

The tax on money you make. D 500

What is income tax? D 500

A type of expense that changes month to month.

What is a variable expense?

An expense that is the same month to month.

What is a fixed expense? E 200

An expense that comes about every once in a while, like a 6 month car insurance payment.

What is a periodic expense?

The most important expense is also the person you should pay first when you receive a paycheck.

What is PYF (yourself!)? E 400

As you get older you will have _______ expenses, compared to now.

What is more/more expensive?

Some possibilities of this are state plan, local plan, or a 401(k).

What is a retirement plan? F 100

This person relies on the taxpayer for financial support.

What is a dependent? F 200

This program temporarily fund families with income to help them achieve self sufficiency.

What is TANF? F 300

The form issued to verify eligibility of people to avoid hiring undocumented workers.

What is the I-9 form? F 400

The grade everyone is going to receive on the Unit 2 Exam. F 500

What is an A?  F 500

The Final Jeopardy Category is: Smart Spending Please record your wager. Click on screen to begin

Final Jeopardy Question: What was the most important thing you learned about your spending habits after tracking your expenses this unit? Why was it important? How will you use this information in the future? Click on screen to continue

What was the important thing? Why was it important? Answers will vary: What was the important thing? Why was it important? How will you use it in the future? Click on screen to continue

Thank You for Playing Jeopardy! Game Designed By C. Harr-MAIT

Reflection: Take out a piece of paper and reflect on the Unit 2 review game. Write down three things that we’ve learned over the Unit that you think are most important and explain why. Also, write down one thing you think you still need to learn more about/review before our exam tomorrow.