Definitions
Money you earn from a job
What is income?
Interest is extra money you pay or earn based on this original amount
What is the principal?
If you earn $500 and spend $400, what happens?
What is you save $100?
10% of $50
What is $5?
$10 off a $90 item vs 10% off a $90 item
What is $10 off?
Money you spend
What are expenses?
You invest $100 at 5% for 1 year. Interest = ?
What is $5?
Needs vs Wants & Fixed vs Variable Expenses: Which 2 is 'rent'?
What is a need and a fixed expense?
A $100 item has 13% tax. Total cost?
What is $113?
3 for $9 vs 4 for $11
What is 4 for $11?
Money saved after income minus expenses
What is savings?
$200 at 10% for 1 year earns how much interest?
What is $20?
You earn $853/month. Rent is $574. How much is left?
What is $279?
You earn $200 but lose 20% to deductions. Net income?
What is $160?
50% of 2 shirts that are $25 each, vs buy 1 shirt for $25 and get 1 free (BOGO)
What is 2 shirts for $25 either way?
A plan for how you will spend and save money
What is a budget?
$300 at 5% for 2 years earns how much total interest?
What is $30?
(300 × 0.05 × 2)
Your income is $2000. You want to save 20%. How much do you save?
What is $200?
A $40 meal gets a 15% tip. Tip amount?
What is $6?
12 for $72 vs 10 for $65
What is 12 for $72?
Money borrowed that must be paid back, often with extra
What is debt?
You earn $48 interest on $400 at 6%. How many years?
What is 2 years?
(400 × 0.06 × t = 48)
Your expenses are $1155, but your income is $900. What is your account balance, and what is this situation called?
What is a -$255 and deficit/debt/overdraft/overspending?
A $180 jacket is 25% off. Final price?
What is $135?
Principal Investment = $1000
Invest at 4.45% for 3 years vs Invest at 5.45% for 2.5 years
What is Invest at 5.45% for 2.5 years?