Personal Finances
Income/Earnings
Debit vs. Credit
Borrowing
Saving/Investing
100
Items that you must have to live, such as housing and food.
What is a need? When creating a budget, it is important to differentiate between wants and needs.
100
The amount of money you earn before taxes.
What is gross income?
100
This card is linked to your checking account.
What is a debit card?
100
An amount of money given to somebody on the condition that it will be paid back later
What is a loan?
100
Savings accounts, money market accounts and certificates of deposit all earn __________.
What is interest? Interest is the price paid for using someone else's money. When you place your money in a savings account, you are essentially lending it to that bank and are paid interest.
200
Saving for a few months to buy a new iPhone is an example of this kind of goal.
What is a short-term goal? You can have short term and long term financial goals. Short term goals may include things like a vacation or new phone. Longer term goals are saving for college, a house or retirement.
200
The amount of money you earn after taxes.
What is net income?
200
This kind of card allows you to buy something now and pay for it later.
What is a credit card?
200
True or False: It is cheaper to save than borrow.
True
200
Ownership shares in a company.
What is stock?
300
Saving for a condo on the beach is this kind of goal.
What is a long-term goal?
300
Pay for work beyond 40 hours per week.
What is overtime?
300
Banks charge an interest rate on purchases with this kind of card.
What is a credit card?
300
An institution which collects savings and lends money.
A bank.
300
Loans to a specific entity, which promises repayment of the money at a future date plus interest. These loans can be to companies, municipalities or to the federal government, for example.
What is a bond?
400
A plan for how you will spend your money.
What is a spending plan or budget?
400
A tax on earned income. This tax deduction from your paycheck supports both Social Security and Medicare programs.
What is payroll tax? Often referred to as FICA tax because it is dictated by the Federal Insurance Contributions Act.
400
The fee charged if you do not have enough money in your checking account to cover a purchase.
What is an overdraft fee?
400
Each time you pay a portion of a loan amount (principal), you also pay this.
What is interest?
400

A collection or basket of individual stocks or bonds.

What is a mutual fund?

500
Reduce your chance of debt, fosters awareness, helps you to reach goals and allows you to adjust to changing circumstances are all reasons for this.
Why should I have a budget?
500
The Federal program that assists older and disabled Americans with insurance and income.
What is FICA? The Federal Insurance Contributions Act (FICA) is the federal law that requires you to withhold three separate taxes from the wages you pay your employees. FICA is comprised of: a 6.2 percent Social Security tax; a 1.45 percent Medicare tax (the “regular” Medicare tax) and a 0.9 percent Medicare surtax when the employee earns over $200,000.
500
This will partially determine the amount you are able to borrow and the interest rate you are charged.
What is credit worthiness?
500
A loan given to assist someone with buying a house
What is a mortgage?
500
It's a sure thing- you can't lose.
What is something someone would say to get you to invest in something risky that may lose money?
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