BUDGETING BASICS
What is a plan for how you spend and save your money?
A BUDGET
What card deducts money directly from your checking account?
DEBIT CARD
What is the total pay you earn before any taxes or deductions?
GROSS PAY
What type of bank account earns interest and keeps money safe for future goals?
SAVINGS ACCOUNT
Is groceries/food generally considered a need or a want?
A NEED
Is a daily bus pass needed to get to work or a shelter considered a "Need" or a "Want"?
A NEED
What primary document is essential for getting a job, housing, or official government ID card?
A CRETIFIED BIRTH CERTIFICATE AND SOCIAL SECURITY CARD.
What is the actual amount of money you take home in your bank account after all taxes and deductions are removed?
NET PAY
what is the powerful financial process where the interest you earn on money earns its own interest over time?
Compound Interest
Is warm winter clothing (like a sturdy jacket or boots) considered a "Need" or a "Want"?
A NEED
What is money set aside specifically for sudden, unexpected expenses (like medical bills or car repairs) called?
AN EMERGENCY FUND
Where can you obtain a free copy of your credit report every year without hurting your score?
What tax form do you fill out when starting a new job to determine how much federal tax is withheld from your paycheck?
W-4 FORM
What low-risk savings account tool locks in your money for a set period of time in exchange for a fixed interest rate?
Certificate of Deposit
Is a monthly subscription to multiple streaming movie services considered a "Need" or a "Want"?
A WANT
What quick daily action prevents small cash purchases from draining your pocket?
WRITING DOWN
What safe backup step protects your physical documents if they are lost or damaged?
Taking clear smartphone photos and storing them in a secure cloud email account.
What is the legal lowest hourly pay rate that employers must pay covered workers by law?
MINIMUM WAGE
What is the strategy of spreading your money across different investments to reduce overall risk called?
Diversification
Basic grocerie, like bread and soup, are Needs—what category does eating out at a sit-down restaurant fall under?
A WANT
What popular rule divides net pay into 50% needs, 30% wants, and 20% savings?
The 50/30/20 Rule
What three-digit number measures your creditworthiness?
CREDIT SCORE
What is the actual take-home pay deposited into your account?
NET PAY
What financial concept is described as "earning interest on your interest"?
COMPOUND INTEREST
Name one variable expense that can change from month to month.
Utilities/Groceries/Gas