Unit 1
portion of one’s personal income paid to a government.
What is Income Tax
A business that provides money related services
What is a Financial Institution
Explain what is a Bank
What is a financial institution that safeguards and handles your money.
Goods or services that people cannot survive without, such as water, food, shelter, and clothing
What is Needs
What is this an example of:
Buying something at the Nike store that you don't need.
What is Impulse Buying
social insurance program that extends health coverage to almost all Americans age 65 and over.
What is Medicare
A collection of stocks or bonds of various corporations
What is a Mutual Fund
A legal process that gives a debtor protection from creditors.
What is Bankruptcy
Goods or services that make people more comfortable or content but which are not necessary for survival
What is Wants
What is this an example:
Chase
What is a Bank
A social insurance system that provides benefits to most Americans who are retired, sick, or too disabled to work, and to families of workers who have died.
What is Social Security
To automatically save a specified amount from a paycheck for future use.
A legal process in which a lender takes possession of mortgaged property from a mortgage holder who failed to make payments.
What is Foreclosure
A record of income and spending and a plan for managing money
What is Budget
What is this an example of:
Joey Pays Yoni electronically throughs his phone from an app.
What is PayPal or Venmo
Explain Aptitudes
What is your natural talents
The amount of money originally invested.
What is Principal
The economic condition of limited resources that prevents people from having everything they want.
What is Scarcity
Money available to spend on goods and services that are not essential
What is Discretionary income
What is this an example of:
Tina makes 85,000 dollars a year so she is planning to put 20,000 dollars for here car, 10,000 dollars for her home expenses, and put 5,000 dollars towards her savings account.
What is Budgeting.
Total amount of earnings made over a month before any deductions
What is Gross Monthly Income
IOU issued by a company, municipality, or the federal government in exchange for a loan
What is a Bond
Expenses that vary from month to month, such as entertainment, car repairs, or doctor bills
What is Variable Expenses
Money that is spent on goods, services, and bills
What is this an example of:
Yoni decides to take some money out of his savings account and buy a stock of Nike, Disney, Plus, Netflix, Hulu, and some other bonds that he wants to buy.
What is Mutual Funds