Money Basics
What is the money you earn called?
Income
What does the '50' in the 50/30/20 rule stand for?
Needs (like rent, food, bills)
What does a credit score measure?
Your trustworthiness to repay money
Money you earn from working is called a
Wage/Salary
A want is something you’d like to have. A need is something you.....
Must have to live
What is money you owe called?
Debt
What is money set aside for emergencies called?
Emergency Fund
True or False – Paying bills late can lower your credit score.
True
What does 'minimum wage' mean?
The lowest legal pay rate for workers
What is 'comparison shopping'?
Comparing prices before buying
What does ATM stand for?
Automated Teller Machine
If you make $1000 and spend $800,what is your savings?
$200
What is the maximum amount you can borrow on a credit card called?
Credit Limit
What is taken out of your paycheck to pay for things like Social Security?
Payroll Taxes
Buying something quickly without planning is called.....
Impulse Buying
What is a loan from the bank to buy a house called?
Mortgage
What does it mean to 'live within your means'?
Spending less than or equal to what you earn
What type of interest builds on both the original amount and past interest?
Compound Interest
What is the difference between hourly pay and salary?
Hourly = paid per hour worked, Salary = fixed yearly pay
What does BOGO stand for?
Buy One, Get One
What is the name of the U.S. central bank?
The Federal Reserve
What is the difference between gross income and net income?
Gross = before taxes, Net = after taxes
Name one way to build good credit.
Pay bills on time, use credit responsibly, keep balances low
If you earn $10/hour and work 20 hours, how much is your gross income?
$200
What is the total cost of something, including tax, called?
Final Price/Total Cost