Worksheet for PowerPoint: Budget: What is it?
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This Worksheet accompanies the PowerPoint: Budget: What is it? There is an answer sheet for this Worksheet for the calculations.
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Worksheet for PowerPoint: Budget: What is it?
- 1. A Budget: What is it? - PowerPoint A Budget: What is it? – PowerPoint Name of Student: .............................................................................. Part A In your own words explain each of the following? “Budgets create financial security.” “Budgets are very empowering.” “A Budget can help you reach a financial goal because it controls how much you spend and how much you save.” “A Budget is the cornerstone of a solid financial future.” “Budgeting doesn’t lead you away from something it leads you towards a financial goal.” Difference between FIXED and VARIABLE expenses. Angela Ballas ~1~
- 2. A Budget: What is it? - PowerPoint What is the RULE OF THUMB? “People don’t plan to fail; they fail to plan.” Part B Why should you keep in mind the acronym SMART when it comes to financial planning? Explain each of the five (5) words formed from this acronym, in your own words. ........................................................................................................................................................................................... ........................................................................................................................................................................................... ........................................................................................................................................................................................... ........................................................................................................................................................................................... ........................................................................................................................................................................................... ........................................................................................................................................................................................... ........................................................................................................................................................................................... ........................................................................................................................................................................................... ........................................................................................................................................................................................... ........................................................................................................................................................................................... ........................................................................................................................................................................................... ........................................................................................................................................................................................... ........................................................................................................................................................................................... ........................................................................................................................................................................................... ........................................................................................................................................................................................... ........................................................................................................................................................................................... ........................................................................................................................................................................................... Angela Ballas ~2~
- 3. A Budget: What is it? - PowerPoint Part C Simple Interest A. Principal amount: 1,000 Interest Rate: @ 5% per annum/year Based on this work out the following: Value after: Interest Principal plus Interest Total 5% of $1,000 One year $1,000 + $50 $1,050 5/100[.05] x 1,000 = $50 Five years $50 x .......... = $........... $1,000 + $.................... $.................................. Eight years $50 x .......... = $........... $1,000 + $.................... $.................................. Ten years $50 x .......... = $........... $1,000 + $.................... $.................................. Twelve years $50 x .......... = $........... $1,000 + $.................... $.................................. B. Principal amount: 2,000 Interest Rate: @ 10% per annum/year Based on this work out the following: Value after: Interest Principal plus Interest Total 10% of $2,000 One year $2,000 + $200 $2,200 10/100[.1] x 2,000 = $200 Five years $200 x .......... = $........... $2,000 + $.................... $.................................. Eight years $200 x .......... = $........... $2,000 + $.................... $.................................. Ten years $200 x .......... = $........... $2,000 + $.................... $.................................. Twelve years $200 x .......... = $........... $2,000 + $.................... $.................................. Angela Ballas ~3~
- 4. A Budget: What is it? - PowerPoint Part D Rule of 72 How many years will it take to double your money at...?: It will take.... 5% per year 72/5 = 14.4 years 7% per year .................................................... 9% per year .................................................... 10% per year .................................................... 13% per year .................................................... Part E Compound Interest Using the calculator at: http://www.calculator-tab.com/ You have $1000 at a rate of 5%pa for one year You have $1000 at a rate of 5%pa for 3 years A=1,000(1+5%)1 A=1,000(1+5%)3 A=1,000 x (1+0.05)1 A=1,000 x (1+0.05)3 A=$1,050 A=$1,157.63 You have $1000 at a rate of 10%pa for 1 year You have $1000 at a rate of 10%pa for 3 years You have $2000 at a rate of 5%pa for 1 year You have $2000 at a rate of 5%pa for 3 years You have $5000 at a rate of 10%pa for 1 year You have $5000 at a rate of 10%pa for 3 years Angela Ballas ~4~