Credit Basics
This is money borrowed that must be paid back later.
This happens if you don't pay your balance in full.
What is intrest?
Money owed to someone else?
What is debt?
This helps track spending and saving.
What is a budget?
Money citizens pay to the government.
What are taxes?
Using too much of this can lower your credit score.
What is credit utilization?
This is the maximum amount you can spend on a card.
What is a credit limit?
Student loans help pay for this.
What is college?
Money set aside for emergencies
What is an emergency fund?
This form shows how much money you earned from a job.
What is W-2 Form?
This 3-digit numbers shows how trustworthy you are with money.
What is a credit score?
This fee may happen after a missed payment
What is a late fee?
This type of spending changes month to month.
What are variable expenses?
This tax is taken from paychecks for Social Secuirty and Medicare
What is FICA tax?
Paying bills late affect this.
What is your credit history?
Keeping balances low helps improve this.
What is your credit score?
A loan with extremely high interest rates is called this.
What is predatory lending?
Needs are different from these.
What are wants?
The government uses taxes to pay for things like roads,schools,and this type of protection
What is a public services?
This type of loan is used to buy a house
What is a mortgage?
This is the cost of borrowing yearly on a card.
Missing payments can hurt this financial measurment.
What is your credit score?
This habit helps avoid debt and improve financial stability.
What is saving money regularly?
This happens when you paid more taxes than necessary and recieve money back
What is a tax refund?