debit vs credit
This type of card deducts money directly from your checking account when you make a purchase.
What is a debit card?
Money we get from working each month
What is net monthly income?
In this type of economy, production and prices are determined purely by unrestricted competition between privately owned businesses.
What is a market economy?
In budgeting, rent and car payments are examples of this type of expense because they stay the same every month.
What are fixed expenses?
This is the term for a general increase in prices and a fall in the purchasing value of money over time.
What is inflation?
Using this financial tool means you are borrowing money from a lender that you must pay back later, often with interest.
What is a credit card?
Your earnings before there are taxes.
What is GMI?
In this economic system, the government has total control over production, pricing, and resource allocation.
What is a command economy?
What budgeting style requires you to assign every single dollar of monthly income a specific purpose?
What is Zero-based budgeting?
This is the three-digit number lenders use to determine how risky it is to lend you money.
What is a credit score?
Doing this with a credit card helps you build a positive credit history, whereas a debit card has no impact on your credit score.
What is making on time payments?
You must subtract these From your GMI.
What are taxes?
What term describes an economic state featuring both stagnant economic growth and high inflation rates?
What is Stagflation?
Groceries and utility bills are examples of this type of expense because the cost changes from month to month.
What are variable expenses?
This type of asset can be quickly and easily converted into cash without losing its value.
What is a liquid asset?
In double-entry accounting, this term represents an entry that increases an asset or expense account, or decreases a liability or equity account.
What is debit?
If your monthly gross salary is $5,000 and your total mandatory deductions are 25%, what is your NMI?
What is $3750?
This is what many different nations use and blend capitalism and the government together.
What is a mixed economy?
What is generally recommended as the baseline size for an introductory emergency fund starter stash?
$1,000 or 1 month of expenses?
Which standard credit score range is widely considered to be an "excellent" rating?
What is 750 to 850?
What is the standard maximum interest free grace period typically given on a credit card purchases if paid in full?
what is 21 to 25 days?
Which of the following is NOT typically a voluntary pre-tax deduction that reduces your NMI while keeping GMI unchanged?
What is FICA Social Security tax?
Which economic law states that, all else equal, as the price of a good increases, the quantity demanded falls?
what is law of demand?
Financial experts recommend keeping 3 to 6 months' worth of living expenses in this specific type of fund
What is a emergency fund?
What is a legal declaration that a person or business cannot pay back their outstanding debts?
What is bankruptcy?