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What is h& r Block Budget Challenge?

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What is h& r Block Budget Challenge?

The H&R Block Budget Challenge helps teens get Real-World Ready from the safety of the classroom. In this learn by doing simulation, students pay bills, manage expenses, save money, invest in retirement and pay taxes while competing for $200,000 in college scholarships.

How many points do you earn when you accomplish a trophy goal budget challenge?

1,000 points
Trophies and Updated Scoring Each trophy is worth 1,000 points and represents an essential financial skill. The trophy points are added on top of the previous scoring system to encourage students to practice the skills that adults struggle most with.

What is the purpose of playing Budget Challenge?

Budget Challenge overcomes traditional classroom limitations by utilizing hands-on learning, which is the backbone of CTE (career and technical education). This means that Budget Challenge focuses on learning-by-doing and teaches students how to be financially capable young adults.

What is cash flow budgeting control?

The cash flow budget is a plan of how cash will be coming into the operation (cash inflows) and leaving the operation (cash outflows). The keyword is “cash.” If cash is not entering or leaving one’s pocket, then it does not go on the cash flow budget.

Which is true of overdraft protection ODP )?

Which is true of overdraft protection (ODP)? It requires funds to be available from a linked account. Which would be a debit and reduce your bank account? Many employers offer employees direct deposit of their paychecks and encourage them to do so.

Which is generally true of unsecured loans?

Which is generally true of unsecured loans? They charge higher interest rates than secured loans. Which is true of credit card convenience checks? They can be used to get cash.

Why is it advantageous to fill out the budget challenge and cash flow spreadsheet at the start of the simulation?

Why is it advantageous to fill out the Budget and Cash Flow spreadsheet at the start of the simulation? It can help the participant predict future expenses.

Which is a potential drawback of using a Federal Direct Consolidation Loan budget Challenge?

Which is a potential drawback of using a federal Direct Consolidation Loan? The borrower could forfeit any grace periods on existing loans.

How do you calculate cash flow budget?

Add total projected cash outflows for the year and for each period. Add the total outflows for each period to check that they equal the total projected outflows for the year. Subtract total cash outflows from total cash inflows to determine the net cash flow for each period.

What are the 5 steps for effective cash flow budget planning?

Steps Involving a Cash Flow Budget

  • 1.1 Determining Cash Inflows:
  • 1.2 Determining Cash Outflows:
  • 1.3 Overhead Expenses:
  • 1.4 Variable Expenses:
  • 1.5 Other Expenses:
  • 1.6 Preparing the Cash Flow Budget:

Which is a drawback of being a salaried employee budget challenge?

Which is a drawback of being a salaried employee? Work weeks might exceed 40 hours without additional pay.

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