Vocabulary
A paper or coin that can be used to purchase goods and services.
What is cash?
This can help you to achieve your savings goals and prevent overspending.
What is a budget?
Something you want to accomplish in the future.
What is a goal?
Money made from working a job.
What is income?
A place where your money is protected and kept safe.
Where/what is an FDIC bank?
Costs that change from month to month such as medical expenses, groceries, or events.
What are variable expenses?
Income, housing, transportation, and bills (phone, internet, water, etc).
What are fixed expenses?
This can be done at any age to gain work experience.
Money you borrow for a specific reason with the intention of paying it back on a specified date or payment schedule.
What is a loan?
This won't change from month to month and should be included in your budget.
What are fixed expenses.
A place where you can put money and allow it to gain interest for future use.
What is a savings account?
This happens at age 14, typically your freshman year of high school.
What is becoming old enough to work?
Income a business makes in sales.
What is gross profit?
A number that is important to know when making major financial decisions including buying a car or house, or taking out a loan.
What is a credit score?
A type of job that is unpaid and may be done to gain work experience or learn a new skill.
What is an internship?
An independent agency that provides insurance to banks and deposits in order to protect customer money.
What is the FDIC or the Federal Deposit Insurance Corporation?
Money earned on top of the initial deposit into a bank account.
What is interest?
18 hours per week in the school year and 40 hours a week during breaks from school.
What is the maximum hours that can be worked in high school?
Something you want to achieve in the future that meets specific standards in order to help you achieve it.
What is a SMART goals: Specific, Measurable, Achievable, Relevant, and Time-bound