Difference between revisions of "AY Honors/Household Budgeting/Requirements"

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{{RequirementsHeader{{GetLangSuffix}}}}
 
  
 
<section begin=Body />
 
<section begin=Body />
  
−
 
+
<b>1. <section begin=req1 /><noinclude><translate><!--T:22-->
−
<b>1. <section begin=req1 /><noinclude><translate></noinclude>What is a household budget and what is the importance of having one?  
+
</noinclude>What is a household budget and what is the importance of having one?
 
<noinclude></translate></noinclude><section end=req1 /></b>
 
<noinclude></translate></noinclude><section end=req1 /></b>
  
−
<b>2. <section begin=req2 /><noinclude><translate></noinclude>Make a list of your family's expenses and classify them as necessary, useful and superfluous.
+
<b>2. <section begin=req2 /><noinclude><translate><!--T:23-->
 +
</noinclude>Define the following:
 
<noinclude></translate></noinclude><section end=req2 /></b>
 
<noinclude></translate></noinclude><section end=req2 /></b>
  
−
<b>3. <section begin=req3 /><noinclude><translate></noinclude>Check your family's shopping list for grocery and hygiene products. Are all the items really necessary?
+
:<b>a. <section begin=req2a /><noinclude><translate><!--T:24-->
 +
</noinclude>Income
 +
<noinclude></translate></noinclude><section end=req2a /></b>
 +
 
 +
:<b>b. <section begin=req2b /><noinclude><translate><!--T:25-->
 +
</noinclude>Expenses
 +
<noinclude></translate></noinclude><section end=req2b /></b>
 +
 
 +
:<b>c. <section begin=req2c /><noinclude><translate><!--T:26-->
 +
</noinclude>Cash flow
 +
<noinclude></translate></noinclude><section end=req2c /></b>
 +
 
 +
:<b>d. <section begin=req2d /><noinclude><translate><!--T:27-->
 +
</noinclude>Loan
 +
<noinclude></translate></noinclude><section end=req2d /></b>
 +
 
 +
:<b>e. <section begin=req2e /><noinclude><translate><!--T:28-->
 +
</noinclude>Usury loan
 +
<noinclude></translate></noinclude><section end=req2e /></b>
 +
 
 +
:<b>f. <section begin=req2f /><noinclude><translate><!--T:29-->
 +
</noinclude>Interest
 +
<noinclude></translate></noinclude><section end=req2f /></b>
 +
 
 +
:<b>g. <section begin=req2g /><noinclude><translate><!--T:30-->
 +
</noinclude>Principal
 +
<noinclude></translate></noinclude><section end=req2g /></b>
 +
 
 +
:<b>h. <section begin=req2h /><noinclude><translate><!--T:31-->
 +
</noinclude>Credit
 +
<noinclude></translate></noinclude><section end=req2h /></b>
 +
 
 +
:<b>i. <section begin=req2i /><noinclude><translate><!--T:32-->
 +
</noinclude>Credit score
 +
<noinclude></translate></noinclude><section end=req2i /></b>
 +
 
 +
:<b>j. <section begin=req2j /><noinclude><translate><!--T:33-->
 +
</noinclude>Investments
 +
<noinclude></translate></noinclude><section end=req2j /></b>
 +
 
 +
:<b>k. <section begin=req2k /><noinclude><translate><!--T:34-->
 +
</noinclude>Tithe/offerings
 +
<noinclude></translate></noinclude><section end=req2k /></b>
 +
 
 +
:<b>l. <section begin=req2l /><noinclude><translate><!--T:35-->
 +
</noinclude>Taxes
 +
<noinclude></translate></noinclude><section end=req2l /></b>
 +
 
 +
:<b>m. <section begin=req2m /><noinclude><translate><!--T:36-->
 +
</noinclude>Inflation
 +
<noinclude></translate></noinclude><section end=req2m /></b>
 +
 
 +
<b>3. <section begin=req3 /><noinclude><translate><!--T:37-->
 +
</noinclude>Explain the difference between needs and wants. Make a list of your family's expenses and classify them as needs or wants.
 
<noinclude></translate></noinclude><section end=req3 /></b>
 
<noinclude></translate></noinclude><section end=req3 /></b>
  
−
<b>4. <section begin=req4 /><noinclude><translate></noinclude>What is the best day and place to get vegetables, fruits and greens in your neighborhood?  
+
<b>4. <section begin=req4 /><noinclude><translate><!--T:38-->
 +
</noinclude>What can you and your family do to save on utilities? How do any of these expenses vary during different seasons of the year in your home?
 
<noinclude></translate></noinclude><section end=req4 /></b>
 
<noinclude></translate></noinclude><section end=req4 /></b>
  
−
<b>5. <section begin=req5 /><noinclude><translate></noinclude>What can you and your family do to save on water, electricity and telephone?  
+
<b>5. <section begin=req5 /><noinclude><translate><!--T:39-->
 +
</noinclude>How can inflation affect a family budget?
 
<noinclude></translate></noinclude><section end=req5 /></b>
 
<noinclude></translate></noinclude><section end=req5 /></b>
  
−
<b>6. <section begin=req6 /><noinclude><translate></noinclude>What is inflation?  
+
<b>6. <section begin=req6 /><noinclude><translate><!--T:40-->
 +
</noinclude>What are the methods your family uses to pay bills? What other methods could be used?
 
<noinclude></translate></noinclude><section end=req6 /></b>
 
<noinclude></translate></noinclude><section end=req6 /></b>
  
−
<b>7. <section begin=req7 /><noinclude><translate></noinclude>What taxes does your family have to pay?  
+
<b>7. <section begin=req7 /><noinclude><translate><!--T:41-->
 +
</noinclude>What types of taxes exist in your area (city, state/provincial, federal, income, property, sales, payroll, etc.)? What are taxes typically used for in your region?
 
<noinclude></translate></noinclude><section end=req7 /></b>
 
<noinclude></translate></noinclude><section end=req7 /></b>
  
−
<b>8. <section begin=req8 /><noinclude><translate></noinclude>What kind of shopping should never be done with credit? why?
+
<b>8. <section begin=req8 /><noinclude><translate><!--T:42-->
 +
</noinclude>Explain the difference between good and bad debt.
 
<noinclude></translate></noinclude><section end=req8 /></b>
 
<noinclude></translate></noinclude><section end=req8 /></b>
  
−
<b>9. <section begin=req9 /><noinclude><translate></noinclude>What is interest? How should it be calculated?  
+
<b>9. <section begin=req9 /><noinclude><translate><!--T:43-->
 +
</noinclude>What is interest? How is it calculated? Calculate how much it would truly cost to finance a $5000 loan with a 7% interest rate over 5 years.
 
<noinclude></translate></noinclude><section end=req9 /></b>
 
<noinclude></translate></noinclude><section end=req9 /></b>
  
−
<b>10. <section begin=req10 /><noinclude><translate></noinclude>Investigate what is the interest rate and what are the financial responsibilities in the lines of credit lines for the following:  
+
<b>10. <section begin=req10 /><noinclude><translate><!--T:44-->
 +
</noinclude>Investigate what is the interest rate and what are the financial responsibilities in the lines of credit for the following:
 
<noinclude></translate></noinclude><section end=req10 /></b>
 
<noinclude></translate></noinclude><section end=req10 /></b>
  
−
:<b>a. <section begin=req10a /><noinclude><translate></noinclude>Credit card  
+
:<b>a. <section begin=req10a /><noinclude><translate><!--T:45-->
 +
</noinclude>Credit card
 
<noinclude></translate></noinclude><section end=req10a /></b>
 
<noinclude></translate></noinclude><section end=req10a /></b>
  
−
:<b>b. <section begin=req10b /><noinclude><translate></noinclude>Overdraft  
+
:<b>b. <section begin=req10b /><noinclude><translate><!--T:46-->
 +
</noinclude>Overdraft
 
<noinclude></translate></noinclude><section end=req10b /></b>
 
<noinclude></translate></noinclude><section end=req10b /></b>
  
−
:<b>c. <section begin=req10c /><noinclude><translate></noinclude>Personal loan  
+
:<b>c. <section begin=req10c /><noinclude><translate><!--T:47-->
 +
</noinclude>Student loan
 
<noinclude></translate></noinclude><section end=req10c /></b>
 
<noinclude></translate></noinclude><section end=req10c /></b>
  
−
<b>11. <section begin=req11 /><noinclude><translate></noinclude>What measures should be taken when the family is in debt?  
+
:<b>d. <section begin=req10d /><noinclude><translate><!--T:48-->
 +
</noinclude>Usury loan
 +
<noinclude></translate></noinclude><section end=req10d /></b>
 +
 
 +
<b>11. <section begin=req11 /><noinclude><translate><!--T:49-->
 +
</noinclude>What measures can be taken when the family is in debt?
 
<noinclude></translate></noinclude><section end=req11 /></b>
 
<noinclude></translate></noinclude><section end=req11 /></b>
  
−
<b>12. <section begin=req12 /><noinclude><translate></noinclude>What percent of the household income should be saved?  
+
<b>12. <section begin=req12 /><noinclude><translate><!--T:50-->
 +
</noinclude>Consider Proverbs 6:6-8 and discuss the value of having an emergency fund. How many months worth of income should generally be saved for emergencies?
 
<noinclude></translate></noinclude><section end=req12 /></b>
 
<noinclude></translate></noinclude><section end=req12 /></b>
  
−
<b>13. <section begin=req13 /><noinclude><translate></noinclude>Investigate at least two methods besides a passbook to invest money saved. What are the advantages and disadvantages of each?  
+
<b>13. <section begin=req13 /><noinclude><translate><!--T:51-->
 +
</noinclude>Read Matthew 25:14-30 and discuss the value of investing money. Identify at least two methods of investing money. What are the advantages and disadvantages of each?
 
<noinclude></translate></noinclude><section end=req13 /></b>
 
<noinclude></translate></noinclude><section end=req13 /></b>
  
−
<b>14. <section begin=req14 /><noinclude><translate></noinclude>Do the following:
+
<b>14. <section begin=req14 /><noinclude><translate><!--T:52-->
 +
</noinclude>What are some advantages and disadvantages of using automatic payments (autopay)?
 
<noinclude></translate></noinclude><section end=req14 /></b>
 
<noinclude></translate></noinclude><section end=req14 /></b>
  
−
:<b>a. <section begin=req14a /><noinclude><translate></noinclude>Write and endorse a check
+
<b>15. <section begin=req15 /><noinclude><translate><!--T:21-->
−
<noinclude></translate></noinclude><section end=req14a /></b>
+
</noinclude>Simulate the following (or equivalents):
 +
<noinclude></translate></noinclude><section end=req15 /></b>
  
−
:<b>b. <section begin=req14b /><noinclude><translate></noinclude>Write a receipt
+
:<b>a. <section begin=req15a /><noinclude><translate><!--T:53-->
−
<noinclude></translate></noinclude><section end=req14b /></b>
+
</noinclude>Identify an account and routing number
 +
<noinclude></translate></noinclude><section end=req15a /></b>
  
−
:<b>c. <section begin=req14c /><noinclude><translate></noinclude>Pay for tickets and/or an invoice at an ATM
+
:<b>b. <section begin=req15b /><noinclude><translate><!--T:54-->
−
<noinclude></translate></noinclude><section end=req14c /></b>
+
</noinclude>Write and endorse a check
 +
<noinclude></translate></noinclude><section end=req15b /></b>
  
−
<b>15. <section begin=req15 /><noinclude><translate></noinclude>Keep a personal budget and a log of money coming in and out for six months.
+
:<b>c. <section begin=req15c /><noinclude><translate><!--T:55-->
−
<noinclude></translate></noinclude><section end=req15 /></b>
+
</noinclude>Reconcile a bank statement
 +
<noinclude></translate></noinclude><section end=req15c /></b>
  
−
<b>16. <section begin=req16 /><noinclude><translate></noinclude>Make a family budget and keep an accurate record of inputs and outputs for six months (Pathfinders and youths can do this together with parents); those who live on farms can make records of farming, dairy and livestock.  
+
<b>16. <section begin=req16 /><noinclude><translate><!--T:56-->
 +
</noinclude>Interview a financial professional or equivalent about personal budgeting.
 
<noinclude></translate></noinclude><section end=req16 /></b>
 
<noinclude></translate></noinclude><section end=req16 /></b>
  
−
<b>17. <section begin=req17 /><noinclude><translate></noinclude>Read Malachi 3:8-12 and write a minimum of 250 words about the meaning of being a faithful steward.  
+
<section begin=challenge />
 +
<b>17. <section begin=req17 /><noinclude><translate><!--T:57-->
 +
</noinclude>Develop a family budget (this can be done together with parents). Keep a personal budget and record income and expenses for two months.
 
<noinclude></translate></noinclude><section end=req17 /></b>
 
<noinclude></translate></noinclude><section end=req17 /></b>
 +
<section end=challenge />
 +
 +
<b>18. <section begin=req18 /><noinclude><translate><!--T:58-->
 +
</noinclude>Read Malachi 3:8-12 and discuss what role tithes and offerings could play in a personal/family budget.
 +
<noinclude></translate></noinclude><section end=req18 /></b>
 +
 
<section end=Body />
 
<section end=Body />
−
 
−
<noinclude><translate>
 
−
[[Category:Honor Requirements|{{#titleparts:{{PAGENAME}}|1|2}}]]
 
−
[[Category:Honor Requirements Revision 3|{{#titleparts:{{PAGENAME}}|1|2}}]]
 
−
</translate></noinclude>
 

Latest revision as of 18:37, 15 March 2023

Other languages:
English • ‎español
Household Budgeting

Skill Level

2

Year

2023

Version

24.11.2024

Approval authority

North American Division

Household Budgeting AY Honor.png
Household Budgeting
Household Arts
Skill Level
123
Approval authority
North American Division
Year of Introduction
2023
See also
Homemaking Master Award



1. What is a household budget and what is the importance of having one?

2. Define the following:

a. Income

b. Expenses

c. Cash flow

d. Loan

e. Usury loan

f. Interest

g. Principal

h. Credit

i. Credit score

j. Investments

k. Tithe/offerings

l. Taxes

m. Inflation

3. Explain the difference between needs and wants. Make a list of your family's expenses and classify them as needs or wants.

4. What can you and your family do to save on utilities? How do any of these expenses vary during different seasons of the year in your home?

5. How can inflation affect a family budget?

6. What are the methods your family uses to pay bills? What other methods could be used?

7. What types of taxes exist in your area (city, state/provincial, federal, income, property, sales, payroll, etc.)? What are taxes typically used for in your region?

8. Explain the difference between good and bad debt.

9. What is interest? How is it calculated? Calculate how much it would truly cost to finance a $5000 loan with a 7% interest rate over 5 years.

10. Investigate what is the interest rate and what are the financial responsibilities in the lines of credit for the following:

a. Credit card

b. Overdraft

c. Student loan

d. Usury loan

11. What measures can be taken when the family is in debt?

12. Consider Proverbs 6:6-8 and discuss the value of having an emergency fund. How many months worth of income should generally be saved for emergencies?

13. Read Matthew 25:14-30 and discuss the value of investing money. Identify at least two methods of investing money. What are the advantages and disadvantages of each?

14. What are some advantages and disadvantages of using automatic payments (autopay)?

15. Simulate the following (or equivalents):

a. Identify an account and routing number

b. Write and endorse a check

c. Reconcile a bank statement

16. Interview a financial professional or equivalent about personal budgeting.


17. Develop a family budget (this can be done together with parents). Keep a personal budget and record income and expenses for two months.


18. Read Malachi 3:8-12 and discuss what role tithes and offerings could play in a personal/family budget.


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