Budget Basic
Money coming into your household from a job, grants, or other sources.
Income
Money that you owe to someone else.
Debt
Buying a soda, snack, or coffee every day can become one of these.
Money Wasters
Your car, furniture, and money in the bank are examples of what?
Assets
What crime occurs when someone uses your personal information to obtain credit in your name?
Identity Theft
This detailed financial plan helps allocate money for a specific time period.
Budget
The extra money a lender charges you for borrowing money.
Interest
Gas, entertainment, and eating out are examples of what kind of expenses?
Flexible Expenses
Car loans, mortgages, and debts fall into this category.
Liabilities
Equifax, Experian, and TransUnion are examples of what?
Credit Reporting Agencies
If your paycheck shows $1,500 before taxes are taken out, this amount is called what?
Gross Income
A large debt paid back over time with interest added.
Loan
Money set aside for emergencies or future goals.
Savings
Assets minus liabilities equals what?
Net Worth
These loans are borrowed specifically to pay for education expenses.
Student Loans
Rent and car payments that stay about the same every month are examples of what?
Fixed Expenses
This document contains your credit history, loans, and payment information.
Credit Report
When money is automatically transferred from your paycheck into savings, it is called what?
Automatic Deduction Plan
If your assets equal $20,000 and your liabilities equal $8,000, what is your net worth?
$12,000
A higher FICO score can help you qualify for lower interest rates.
FACT or True or Yes
You receive $1,100 after taxes and deductions. What is that money called?
Net Income
This is the most common credit score used by lenders and ranges from 300 to 850.
FICO Score
Buying stocks, mutual funds, or real estate to grow your money long term is called what?
Investing
You own a car worth $12,000 and owe $3,000 on it. You have $2,000 in savings and no other debt. What is your net worth?
$11,000
TWO ways to protect yourself from identity theft.
Shred personal documents
Protect Social Security Number
Monitor accounts regularly
Verify websites before sharing information